reglab/housing_qa huggingface dataset:
TX Ins Code § 228.157 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter D. Investment by Certified Capital Companies|Section 228.157. Distributions by Certified Capital Company

Sec. 228.157.  DISTRIBUTIONS BY CERTIFIED CAPITAL COMPANY.  (a)  In this section, "qualified distribution" means any distribution or payment from certified capital by a certified capital company in connection with:(1)  the reasonable costs and expenses of forming, syndicating, managing, and operating the company, provided that the distribution or payment is not made directly or indirectly to a certified investor, including:(A)  reasonable and necessary fees paid for professional services, including legal and accounting services, related to the company's formation and operation; and(B)  an annual management fee in an amount that does not exceed 2.5 percent of the company's certified capital; and(2)  a projected increase in federal or state taxes, including penalties and interest related to state and federal income taxes, of the company's equity owners resulting from the earnings or other tax liability of the company to the extent that the increase is related to the ownership, management, or operation of the company.(b)  A certified capital company may make a qualified distribution at any time.  To make a distribution or payment other than a qualified distribution, a company must have made qualified investments in an amount cumulatively equal to 100 percent of the company's certified capital.(c)  If a business in which a qualified investment is made relocates the business's principal business operations to another state during the term of the certified capital company's investment in the business, the cumulative amount of qualified investments made by the certified capital company for purposes of satisfying the requirements of Subsection (b) only is reduced by the amount of the certified capital company's qualified investments in the business that has relocated.(d)  Subsection (c) does not apply if the business demonstrates that the business has returned the business's principal business operations to this state not later than the 90th day after the date of the relocation.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.158 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter D. Investment by Certified Capital Companies|Section 228.158. Repayment of Debt

Sec. 228.158.  REPAYMENT OF DEBT.  Notwithstanding Section 228.157(b), a certified capital company may make repayments of principal and interest on the company's indebtedness without any restriction, including repaying the company's indebtedness on which certified investors earned premium tax credits.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.201 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter E. Qualified Business|Section 228.201. Definition of Qualified Business

Sec. 228.201.  DEFINITION OF QUALIFIED BUSINESS.  (a)  In this chapter, "qualified business" means a business that complies with this section at the time of a certified capital company's first investment in the business.(b)  A qualified business must:(1)  be headquartered in this state and intend to remain in this state after receipt of the certified capital company's investment; and(2)  have the business's principal business operations located in this state and intend to maintain business operations in this state after receipt of the certified capital company's investment.(c)  A qualified business must agree to use the qualified investment primarily to:(1)  support business operations in this state, other than advertising, promotion, and sales operations which may be conducted outside of this state; or(2)  in the case of a start-up company, establish and support business operations in this state, other than advertising, promotion, and sales operations which may be conducted outside of this state.(d)  A qualified business may not have more than 100 employees and must:(1)  employ at least 80 percent of the business's employees in this state; or(2)  pay 80 percent of the business's payroll to employees in this state.(e)  A qualified business must be primarily engaged in:(1)  manufacturing, processing, or assembling products;(2)  conducting research and development; or(3)  providing services.(f)  A qualified business may not be primarily engaged in:(1)  retail sales;(2)  real estate development;(3)  the business of insurance, banking, or lending; or(4)  the provision of professional services provided by accountants, attorneys, or physicians.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.202 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter E. Qualified Business|Section 228.202. Relocation of Principal Business Operations

Sec. 228.202.  RELOCATION OF PRINCIPAL BUSINESS OPERATIONS.  If, before the 90th day after the date a certified capital company makes an investment in a qualified business, the qualified business moves the business's principal business operations from this state, the investment may not be considered a qualified investment for purposes of the percentage requirements under this chapter.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.203 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter E. Qualified Business|Section 228.203. Evaluation of Business by Comptroller

Sec. 228.203.  EVALUATION OF BUSINESS BY COMPTROLLER.  (a)  A certified capital company may, before making an investment in a business, request a written opinion from the comptroller as to whether the business in which the company proposes to invest is a qualified business, an early stage business, or a strategic investment or low-income community business.(b)  Not later than the 15th business day after the date of the receipt of a request under Subsection (a), the comptroller shall:(1)  determine whether the business meets the definition of a qualified business, an early stage business, or a strategic investment or low-income community business, as applicable, and notify the certified capital company of the determination and provide an explanation of the determination; or(2)  notify the company that an additional 15 days will be needed to review the request and make the determination.(c)  If the comptroller fails to notify the certified capital company with respect to the proposed investment within the period specified by Subsection (b), the business in which the company proposes to invest is considered to be a qualified business, an early stage business, or a strategic investment or low-income community business, as appropriate.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.Amended by: Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 14.003(a), eff. September 1, 2009.|
TX Ins Code § 228.204 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter E. Qualified Business|Section 228.204. Continuation of Classification as Qualified Business; Follow-on Investments Authorized

Sec. 228.204.  CONTINUATION OF CLASSIFICATION AS QUALIFIED BUSINESS; FOLLOW-ON INVESTMENTS AUTHORIZED.  (a)  A business that is classified as a qualified business at the time of the first investment in the business by a certified capital company:(1)  remains classified as a qualified business; and(2)  may receive follow-on investments from any certified capital company.(b)  Except as provided by Subsection (c), a follow-on investment made under Subsection (a) is a qualified investment even though the business may not meet the definition of a qualified business at the time of the follow-on investment.(c)  A follow-on investment does not qualify as a qualified investment if, at the time of the follow-on investment, the qualified business no longer has the business's principal business operations in this state.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.251 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter F. Premium Tax Credit|Section 228.251. Premium Tax Credit

Sec. 228.251.  PREMIUM TAX CREDIT.  (a)  A certified investor who makes an investment of certified capital shall earn in the year of investment a vested credit against state premium tax liability equal to 100 percent of the certified investor's investment of certified capital, subject to the limits imposed by this chapter.(b)  With respect to credits earned as a result of investments made under Program One, beginning with the tax report due March 1, 2009, for the 2008 tax year, a certified investor may take up to 25 percent of the vested premium tax credit in any taxable year of the certified investor.  The credit may not be applied to estimated payments due in 2008.(c)  With respect to credits earned as a result of investments made under Program Two, beginning with the tax report due March 1, 2013, for the 2012 tax year, a certified investor may take up to 25 percent of the vested premium tax credit in any taxable year of the certified investor.  The credit may not be applied to estimated payments due in 2012.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.Amended by: Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 14.004(a), eff. September 1, 2009.|
TX Ins Code § 228.252 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter F. Premium Tax Credit|Section 228.252. Limit on Premium Tax Credit

Sec. 228.252.  LIMIT ON PREMIUM TAX CREDIT.  (a)  The credit to be applied against state premium tax liability of a certified investor in any one year may not exceed the state premium tax liability of the investor for the taxable year.(b)  A certified investor may carry forward any unused credit against state premium tax liability indefinitely until the premium tax credits are used.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.253 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter F. Premium Tax Credit|Section 228.253. Premium Tax Credit Allocation Claim Required

Sec. 228.253.  PREMIUM TAX CREDIT ALLOCATION CLAIM REQUIRED.  (a)  A certified investor must prepare and execute a premium tax credit allocation claim on a form provided by the comptroller.(b)  The certified capital company must have filed the claim with the comptroller on the date on which the comptroller accepted premium tax credit allocation claims on behalf of certified investors with respect to Program One or Program Two, as applicable, under the comptroller's rules.(c)  The premium tax credit allocation claim form must include an affidavit of the certified investor under which the certified investor becomes legally bound and irrevocably committed to make an investment of certified capital in a certified capital company in the amount allocated even if the amount allocated is less than the amount of the claim, subject only to the receipt of an allocation under Section 228.255.(d)  A certified investor may not claim a premium tax credit under Section 228.251 for an investment that has not been funded, without regard to whether the certified investor has committed to fund the investment.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.Amended by: Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 14.005(a), eff. September 1, 2009.|
TX Ins Code § 228.254 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter F. Premium Tax Credit|Section 228.254. Total Limit on Premium Tax Credits

Sec. 228.254.  TOTAL LIMIT ON PREMIUM TAX CREDITS.  (a)  The total amount of certified capital for which premium tax credits may be allowed under this chapter for all years in which premium tax credits are allowed is:(1)  $200 million for Program One; and(2)  $200 million for Program Two.(b)  The total amount of certified capital for which premium tax credits may be allowed for all certified investors under this chapter may not exceed the amount that would entitle all certified investors in certified capital companies to take total credits of $50 million in a year with respect to Program One and $50 million in a year with respect to Program Two.(c)  A certified capital company and the company's affiliates may not file premium tax credit allocation claims with respect to Program One or Program Two, as applicable, in excess of the maximum amount of certified capital for which premium tax credits may be allowed for that program as provided by this section.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.Amended by: Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 14.006(a), eff. September 1, 2009.|
TX Ins Code § 228.255 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter F. Premium Tax Credit|Section 228.255. Allocation of Premium Tax Credit

Sec. 228.255.  ALLOCATION OF PREMIUM TAX CREDIT.  (a)  If the total premium tax credits claimed by all certified investors with respect to Program One or Program Two, as applicable, exceeds the total limits on premium tax credits established for that program by Section 228.254(a), the comptroller shall allocate the total amount of premium tax credits allowed under this chapter to certified investors in certified capital companies on a pro rata basis in accordance with this section.(b)  The pro rata allocation for each certified investor shall be the product of:(1)  a fraction, the numerator of which is the amount of the premium tax credit allocation claim filed on behalf of the investor with respect to Program One or Program Two, as applicable, and the denominator of which is the total amount of all premium tax credit allocation claims filed on behalf of all certified investors with respect to that program; and(2)  the total amount of certified capital for which premium tax credits may be allowed with respect to that program under this chapter.(c)  The maximum amount of certified capital for which premium tax credit allocation may be allowed on behalf of a single certified investor and the investor's affiliates with respect to Program One or Program Two, as applicable, whether by one or more certified capital companies, may not exceed the greater of:(1)  $10 million; or(2)  15 percent of the maximum aggregate amount available with respect to that program under Section 228.254(a).|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.Amended by: Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969), Sec. 14.007(a), eff. September 1, 2009.|
TX Ins Code § 228.256 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter F. Premium Tax Credit|Section 228.256. Treatment of Credits and Capital

Sec. 228.256.  TREATMENT OF CREDITS AND CAPITAL.  In any case under this code or another insurance law of this state in which the assets of a certified investor are examined or considered, the certified capital may be treated as an admitted asset,  subject to the applicable statutory valuation procedures.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.257 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter F. Premium Tax Credit|Section 228.257. Transferability of Credit

Sec. 228.257.  TRANSFERABILITY OF CREDIT.  (a)  A certified investor may transfer or assign premium tax credits only in compliance with the rules adopted under Section 228.052.(b)  The transfer or assignment of a premium tax credit does not affect the schedule for taking the premium tax credit under this chapter.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.258 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter F. Premium Tax Credit|Section 228.258. Impact of Premium Tax Credit on Insurance Ratemaking

Sec. 228.258.  IMPACT OF PREMIUM TAX CREDIT ON INSURANCE RATEMAKING.  A certified investor is not required to reduce the amount of premium tax included by the investor in connection with ratemaking for an insurance contract written in this state because of a reduction in the investor's Texas premium tax derived from premium tax credits granted under this chapter.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.259 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter F. Premium Tax Credit|Section 228.259. Retaliatory Tax

Sec. 228.259.  RETALIATORY TAX.  A certified investor claiming a credit against state premium tax liability earned through an investment in a company is not required to pay any additional retaliatory tax levied under Chapter 281 as a result of claiming that credit.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.301 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter G. Enforcement|Section 228.301. Annual Review by Comptroller

Sec. 228.301.  ANNUAL REVIEW BY COMPTROLLER.  (a)  The comptroller shall conduct an annual review of each certified capital company to:(1)  ensure that the company:(A)  continues to satisfy the requirements of this chapter; and(B)  has not made any investment in violation of this chapter; and(2)  determine the eligibility status of the company's qualified investments.(b)  Each certified capital company shall pay the cost of the annual review according to a reasonable fee schedule adopted by the comptroller.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.302 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter G. Enforcement|Section 228.302. Decertification of Certified Capital Company

Sec. 228.302.  DECERTIFICATION OF CERTIFIED CAPITAL COMPANY.  (a)  A material violation of Section 228.105, 228.106, 228.107, 228.151, 228.152, 228.153, 228.154, 228.155, 228.156, 228.202, or 228.204 is grounds for decertification of a certified capital company.(b)  If the comptroller determines that a certified capital company is not in compliance with a law listed in Subsection (a), the comptroller shall notify the company's officers in writing that the company may be subject to decertification after the 120th day after the date the notice is mailed unless the company:(1)  corrects the deficiencies; and(2)  returns to compliance with the law.(c)  The comptroller may decertify a certified capital company, after opportunity for hearing, if the comptroller finds that the company is not in compliance with a law listed in Subsection (a) at the end of the period established by Subsection (b).(c-1)  Notwithstanding any other provision of this section, the comptroller may decertify a certified capital company if the comptroller receives a request in writing from the certified capital company stating that the certified capital company has made qualified investments in an amount cumulatively equal to 100 percent of the company's certified capital.(d)  Decertification under this section is effective on receipt of notice of decertification by the certified capital company.(e)  The comptroller shall notify any appropriate state agency of a decertification of a certified capital company.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.Amended by: Acts 2015, 84th Leg., R.S., Ch. 53 (H.B. 3031), Sec. 1, eff. May 21, 2015.|
TX Ins Code § 228.303 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 228 - Premium Tax Credit for Certain Investments|Subchapter G. Enforcement|Section 228.303. Administrative Penalty

Sec. 228.303.  ADMINISTRATIVE PENALTY.  (a)  The comptroller may impose an administrative penalty on a certified capital company that violates this chapter.(b)  The amount of the penalty may not exceed $25,000. Each day a violation continues or occurs is a separate violation for the purpose of imposing the penalty.  The amount of the penalty shall be based on:(1)  the seriousness of the violation, including the nature, circumstances, extent, and gravity of the violation;(2)  the economic harm caused by the violation;(3)  the history of previous violations;(4)  the amount necessary to deter a future violation;(5)  efforts to correct the violation; and(6)  any other matter that justice may require.(c)  A certified capital company assessed a penalty under this chapter may request a redetermination as provided by Chapter 111, Tax Code.(d)  The attorney general may sue to collect the penalty.(e)  A proceeding to impose the penalty is a contested case under Chapter 2001, Government Code.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|