| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 83R22319 CJC-D | |
| 2 | 2 | By: Eiland H.B. No. 3454 | |
| 3 | 3 | Substitute the following for H.B. No. 3454: | |
| 4 | 4 | By: Hilderbran C.S.H.B. No. 3454 | |
| 5 | 5 | ||
| 6 | 6 | ||
| 7 | 7 | A BILL TO BE ENTITLED | |
| 8 | 8 | AN ACT | |
| 9 | 9 | relating to an exemption from the franchise tax for certain | |
| 10 | 10 | insurance entities. | |
| 11 | 11 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 12 | 12 | SECTION 1. Section 171.052(a), Tax Code, is amended to read | |
| 13 | 13 | as follows: | |
| 14 | 14 | (a) Except as provided by Subsection (c), an insurance | |
| 15 | 15 | organization, title insurance company, or title insurance agent | |
| 16 | 16 | authorized to engage in insurance business in this state that is | |
| 17 | 17 | [now] required to pay an annual tax [under Chapter 4 or 9, Insurance | |
| 18 | 18 | Code,] measured by its gross premium receipts is exempted from the | |
| 19 | 19 | franchise tax. A nonadmitted insurance organization that is | |
| 20 | 20 | required to pay a gross premium receipts tax during a tax year is | |
| 21 | 21 | exempted from the franchise tax for that same tax year. A | |
| 22 | 22 | nonadmitted insurance organization that is subject to an occupation | |
| 23 | 23 | tax or any other tax that is imposed for the privilege of doing | |
| 24 | 24 | business in another state or a foreign jurisdiction, including a | |
| 25 | 25 | tax on gross premium receipts, is exempted from the franchise tax. | |
| 26 | 26 | SECTION 2. This Act applies to a report originally due on or | |
| 27 | 27 | after the effective date of this Act. | |
| 28 | 28 | SECTION 3. This Act takes effect January 1, 2014. |