Texas Insurance Code - Section 224.003. Taxation Election
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§ 224.003. TAXATION ELECTION. (a) A reciprocal or
interinsurance exchange may elect to be subject to the tax imposed
by Chapter 221.
(b) A reciprocal or interinsurance exchange that elects to
be subject to the tax imposed by Chapter 221 must file with the
comptroller on a form prescribed by the comptroller a written
statement that the exchange has elected to be subject to that tax.
The exchange must file the form not later than the 31st day before
the date on which the tax year for which the election is to be
effective begins.
(c) A reciprocal or interinsurance exchange that elects to
be subject to the tax imposed by Chapter 221 continues to be subject
to that tax for each tax year until the exchange withdraws the
election under Subsection (d).
(d) A reciprocal or interinsurance exchange may withdraw an
election made under Subsection (b) by filing with the comptroller
written notice of the withdrawal. The exchange must file the notice
not later than the 31st day before the date on which the tax year for
which the withdrawal is to be effective begins.
(e) A reciprocal or interinsurance exchange that elects to
be subject to the tax imposed by Chapter 221 is not subject to the
tax imposed by Section 224.002.
Added by Acts 2003, 78th Leg., ch. 1274, § 1, eff. April 1, 2005.
Section: 223.007 223.008 223.009 223.010 223.011 224.001 224.002 224.003 225.001 225.002 225.003 225.004 225.005 225.006 225.007
Last modified: August 11, 2007
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