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