| 1 | 1 | | 85R4298 TJB-F |
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| 2 | 2 | | By: Rodriguez of Bexar H.B. No. 1199 |
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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 the sale or assignment of tax credits for the certified |
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| 8 | 8 | | rehabilitation of certified historic structures. |
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| 9 | 9 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 10 | | SECTION 1. Section 171.908, Tax Code, is amended by adding |
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| 11 | 11 | | Subsection (e) to read as follows: |
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| 12 | 12 | | (e) An entity to which all or part of a credit is sold or |
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| 13 | 13 | | assigned and that is subject to a premium tax imposed under Chapter |
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| 14 | 14 | | 221, 222, 223, or 224, Insurance Code, may claim all or part of the |
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| 15 | 15 | | credit against that tax. The provisions of this subchapter, |
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| 16 | 16 | | including provisions relating to the total amount of the credit |
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| 17 | 17 | | that may be claimed for a report, the carryforward of the credit, |
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| 18 | 18 | | and the sale or assignment of the credit, apply with respect to a |
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| 19 | 19 | | credit claimed against a tax imposed under Chapter 221, 222, 223, or |
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| 20 | 20 | | 224, Insurance Code, to the same extent those provisions apply to a |
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| 21 | 21 | | credit claimed against the tax imposed under this chapter. An |
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| 22 | 22 | | entity claiming all or part of a credit as authorized by this |
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| 23 | 23 | | subsection is not required to pay any additional retaliatory tax |
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| 24 | 24 | | levied under Chapter 281, Insurance Code, as a result of claiming |
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| 25 | 25 | | that credit. |
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| 26 | 26 | | SECTION 2. This Act takes effect immediately if it receives |
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| 27 | 27 | | a vote of two-thirds of all the members elected to each house, as |
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| 28 | 28 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 29 | 29 | | Act does not receive the vote necessary for immediate effect, this |
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| 30 | 30 | | Act takes effect September 1, 2017. |
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