| 6 | 4 | | AN ACT |
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| 7 | 5 | | relating to the sale or assignment of tax credits for the certified |
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| 8 | 6 | | rehabilitation of certified historic structures. |
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| 9 | 7 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 10 | 8 | | SECTION 1. Section 171.908, Tax Code, is amended by adding |
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| 11 | 9 | | Subsection (e) to read as follows: |
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| 12 | 10 | | (e) An entity to which all or part of a credit is sold or |
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| 13 | 11 | | assigned and that is subject to a premium tax imposed under Chapter |
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| 14 | 12 | | 221, 222, 223, or 224, Insurance Code, may claim all or part of the |
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| 15 | 13 | | credit against that tax. The provisions of this subchapter, |
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| 16 | 14 | | including provisions relating to the total amount of the credit |
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| 17 | 15 | | that may be claimed for a report, the carryforward of the credit, |
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| 18 | 16 | | and the sale or assignment of the credit, apply with respect to a |
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| 19 | 17 | | credit claimed against a tax imposed under Chapter 221, 222, 223, or |
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| 20 | 18 | | 224, Insurance Code, to the same extent those provisions apply to a |
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| 21 | 19 | | credit claimed against the tax imposed under this chapter. An |
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| 22 | 20 | | entity claiming all or part of a credit as authorized by this |
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| 23 | 21 | | subsection is not required to pay any additional retaliatory tax |
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| 24 | 22 | | levied under Chapter 281, Insurance Code, as a result of claiming |
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| 25 | 23 | | that credit. |
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| 26 | 24 | | SECTION 2. This Act takes effect immediately if it receives |
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| 27 | 25 | | a vote of two-thirds of all the members elected to each house, as |
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| 28 | 26 | | provided by Section 39, Article III, Texas Constitution. If this |
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| 29 | 27 | | Act does not receive the vote necessary for immediate effect, this |
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| 30 | 28 | | Act takes effect September 1, 2017. |
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| 29 | + | ______________________________ ______________________________ |
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| 30 | + | President of the Senate Speaker of the House |
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| 31 | + | I hereby certify that S.B. No. 550 passed the Senate on |
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| 32 | + | March 28, 2017, by the following vote: Yeas 29, Nays 2. |
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| 33 | + | ______________________________ |
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| 34 | + | Secretary of the Senate |
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| 35 | + | I hereby certify that S.B. No. 550 passed the House on |
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| 36 | + | April 20, 2017, by the following vote: Yeas 139, Nays 5, two |
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| 37 | + | present not voting. |
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| 38 | + | ______________________________ |
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| 39 | + | Chief Clerk of the House |
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| 40 | + | Approved: |
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| 41 | + | ______________________________ |
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| 42 | + | Date |
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| 43 | + | ______________________________ |
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| 44 | + | Governor |
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