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Insurance Code, is repealed.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