Texas Insurance Code - Section 462.157. Tax Credit
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§ 462.157. TAX CREDIT. (a) An insurer is entitled to a
credit against the insurer's premium tax under Chapter 221 for the
total amount of an assessment paid by the insurer under this
chapter.
(b) The tax credit may be taken at a rate of 10 percent each
year for 10 successive years after the date of assessment. At the
option of the insurer, the tax credit may be taken over an
additional number of years.
(c) The balance of a tax credit not claimed in a particular
year may be reflected in the books and records of the insurer as an
admitted asset of the insurer for all purposes, including
exhibition in an annual statement under Section 862.001.
(d) Available credit against premium tax allowed under this
section may be transferred or assigned among insurers if:
(1) a merger, acquisition, or total assumption of
reinsurance among the insurers occurs; or
(2) the commissioner by order approves the transfer or
assignment.
Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.
Section: 462.114 462.151 462.152 462.153 462.154 462.155 462.156 462.157 462.158 462.159 462.160 462.161 462.162 462.163 462.164
Last modified: August 11, 2007
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