| 1 | 1 | | 84R9620 AJA-D |
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| 2 | 2 | | By: Hancock S.B. No. 1016 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to participation in certain programs by, and insurer |
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| 8 | 8 | | premium tax credits for investments in, certified capital |
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| 9 | 9 | | companies. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Subchapter C, Chapter 228, Insurance Code, is |
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| 12 | 12 | | amended by adding Section 228.109 to read as follows: |
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| 13 | 13 | | Sec. 228.109. PARTICIPATION IN OTHER ECONOMIC DEVELOPMENT |
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| 14 | 14 | | PROGRAMS. A certified capital company, an affiliate of the |
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| 15 | 15 | | company, or an employee, director, manager, member, or principal of |
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| 16 | 16 | | the company does not qualify for and may not otherwise participate |
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| 17 | 17 | | in any other state-sponsored economic development program before |
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| 18 | 18 | | the earlier of: |
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| 19 | 19 | | (1) the date 100 percent of certified capital is |
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| 20 | 20 | | invested by the company; or |
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| 21 | 21 | | (2) December 31, 2016. |
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| 22 | 22 | | SECTION 2. Effective December 31, 2016, Chapter 228, |
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| 23 | 23 | | Insurance Code, is repealed. |
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| 24 | 24 | | SECTION 3. The repeal by this Act of Chapter 228, Insurance |
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| 25 | 25 | | Code, does not affect premium tax credits for certified capital |
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| 26 | 26 | | invested under that chapter before the effective date of the repeal |
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| 27 | 27 | | and the recapture of those credits. Premium tax credits for |
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| 28 | 28 | | certified capital invested before the effective date of the repeal |
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| 29 | 29 | | and the recapture of those credits are governed by the law as it |
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| 30 | 30 | | existed immediately before that date, and that law is continued in |
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| 31 | 31 | | effect for that purpose. |
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| 32 | 32 | | SECTION 4. Except as otherwise provided by this Act, this |
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| 33 | 33 | | Act takes effect September 1, 2015. |
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