Texas Insurance Code - Not Codified - Article 4.63. Recapture And Forfeiture Of Premium Tax Credits: Decertification Of Company
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Art. 4.63. RECAPTURE AND FORFEITURE OF PREMIUM TAX CREDITS:
DECERTIFICATION OF COMPANY. (a) Decertification of a certified
capital company may cause the recapture of premium tax credits
previously claimed and the forfeiture of future premium tax credits
to be claimed by certified investors with respect to the company, as
follows:
(1) decertification of a company on or before the third
anniversary of its allocation date causes the recapture of any
premium tax credit previously claimed and the forfeiture of any
future premium tax credit to be claimed by a certified investor with
respect to the company;
(2) for a company that meets the requirements for continued
certification under Article 4.56(a)(1) of this code and
subsequently fails to meet the requirements for continued
certification under Article 4.56(a)(2) of this code, any premium
tax credit that has been or will be taken by a certified investor on
or before the third anniversary of the allocation date is not
subject to recapture or forfeiture, but any premium tax credit that
has been or will be taken by a certified investor after the third
anniversary of the allocation date of the company is subject to
recapture or forfeiture;
(3) for a company that has met the requirements for
continued certification under Articles 4.56(a)(1) and (2) of this
code and is subsequently decertified, any premium tax credit that
has been or will be taken by a certified investor on or before the
fifth anniversary of the allocation date is not subject to
recapture or forfeiture, but any premium tax credit to be taken
after the fifth anniversary of the allocation date is subject to
forfeiture only if the company is decertified on or before the fifth
anniversary of its allocation date; and
(4) for a company that has invested an amount cumulatively
equal to 100 percent of its certified capital in qualified
investments, any premium tax credit claimed or to be claimed by a
certified investor is not subject to recapture or forfeiture under
this article.
(b) The comptroller shall send written notice to the address
of each certified investor whose premium tax credit is subject to
recapture or forfeiture, using the address shown on the last
premium tax filing.
Added by Acts 2001, 77th Leg., ch. 437, Sec. 1, eff. May 28, 2001.
Article: 4.56 4.57 4.58 4.59 4.60 4.61 4.62 4.63 4.64 4.65 4.66 4.67 4.68 4.69 4.70
Last modified: August 11, 2007
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