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Texas Insurance Code - Section 463.161. Premium Tax Credit For Class B Assessment

Legal Research Home > Texas Lawyer > Insurance Code > Texas Insurance Code - Section 463.161. Premium Tax Credit For Class B Assessment

§ 463.161. PREMIUM TAX CREDIT FOR CLASS B 
ASSESSMENT.  (a) A member insurer is entitled to show as an 
admitted asset a certificate of contribution in the form the 
commissioner approves under Section 463.156.  Unless the 
commissioner requires a longer period, the certificate may be shown 
at:
		(1)  for the calendar year of issuance, an amount equal 
to the certificate's original face value approved by the 
commissioner;  and
		(2)  beginning with the year following the calendar 
year of issuance, an amount equal to the certificate's original 
face value, reduced by 10 percent a year for each year after the 
year of issuance, for a period of 10 years.
	(b)  An amount written off during a calendar year under 
Subsection (a) shall be allowed as a credit against the member 
insurer's premium tax owed for business engaged in during that 
year.  The insurer is not required to write off in a single year an 
amount that exceeds the amount of premium tax owed for the business 
described by this subsection.
	(c)  The association shall pay to the commissioner, and the 
commissioner shall deliver to the comptroller for deposit to the 
credit of the general revenue fund, any amount owed as a refund from 
the association under Section 463.157 that was written off and used 
for a tax credit under this section. 

Added by Acts 2005, 79th Leg., ch. 727, § 1, eff. April 1, 2007.           

Last modified: August 10, 2007