Texas Insurance Code - Section 224.002. Tax Imposed; Rate
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§ 224.002. TAX IMPOSED; RATE. (a) An annual tax is
imposed on each reciprocal or interinsurance exchange that:
(1) does not file an election to be subject to the tax
imposed by Chapter 221 in accordance with Section 224.003; or
(2) withdraws that election.
(b) The rate of the tax is 1.7 percent of the reciprocal or
interinsurance exchange's gross premium receipts.
(c) A reciprocal or interinsurance exchange that is subject
to the tax imposed by this chapter is not subject to the tax imposed
by Chapter 221.
(d) Except as provided by Subsection (b), Chapter 221
applies to the imposition, computation, and administration of the
tax imposed by this chapter in the same manner that Chapter 221
applies to the tax imposed by that chapter.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.
Section: 223.006 223.007 223.008 223.009 223.010 223.011 224.001 224.002 224.003 225.001 225.002 225.003 225.004 225.005 225.006
Last modified: August 11, 2007
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