reglab/housing_qa huggingface dataset:
TX Ins Code § 226.054 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 226 - Unauthorized and Independently Procured Insurance Premium Tax|Subchapter B. Independently Procured Insurance Premium Tax|Section 226.054. Tax Payment by Certain Insureds

Sec. 226.054.  TAX PAYMENT BY CERTAIN INSUREDS.  (a)  Except as provided by Section 226.055, the tax imposed by this subchapter is due and payable not later than:(1)  May 15 after the end of the calendar year in which the insurance was procured, continued, or renewed;  or(2)  another date prescribed by the comptroller.(b)  An insured who fails to withhold from the premium the amount of tax imposed by this subchapter is liable for the amount of the tax and shall pay the tax due.(c)  The insured shall file a tax report and pay the tax.(d)  The insured may designate another person to file the report and pay the tax.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 1, eff. April 1, 2005.|
TX Ins Code § 226.055 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 226 - Unauthorized and Independently Procured Insurance Premium Tax|Subchapter B. Independently Procured Insurance Premium Tax|Section 226.055. Tax Payment by Certain Corporations

Sec. 226.055.  TAX PAYMENT BY CERTAIN CORPORATIONS.  The amount of tax due and payable under this subchapter by a corporation that files a franchise tax report shall be reported directly to the comptroller and is due:(1)  at the time the franchise tax report is due;  or(2)  on another date prescribed by the comptroller.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 1, eff. April 1, 2005.|
TX Ins Code § 226.056 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 226 - Unauthorized and Independently Procured Insurance Premium Tax|Subchapter B. Independently Procured Insurance Premium Tax|Section 226.056. Effect on Other Law

Sec. 226.056.  EFFECT ON OTHER LAW.  Sections 226.051-226.054 do not abrogate or modify any other provision of this chapter or Chapter 101.|Added by Acts 2003, 78th Leg., ch. 1274, Sec. 1, eff. April 1, 2005.|
TX Ins Code § 226.057 (2021)
2021 Texas Statutes|Insurance Code|Title 3 - Department Funds, Fees, and Taxes|Subtitle B - Insurance Premium Taxes|Chapter 226 - Unauthorized and Independently Procured Insurance Premium Tax|Subchapter B. Independently Procured Insurance Premium Tax|Section 226.057. Limitation on Rulemaking

Sec. 226.057.  LIMITATION ON RULEMAKING.  In adopting rules under this subchapter, the comptroller may not adopt a rule that exceeds the requirements of this chapter.|Added by Acts 2007, 80th Leg., R.S., Ch. 932 (H.B. 3315), Sec. 10, eff. June 15, 2007.|
TX Ins Code § 228.002 (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 A. General Provisions|Section 228.002. Definition of Affiliate

Sec. 228.002.  DEFINITION OF AFFILIATE.  In this chapter, "affiliate" of another person means:(1)  a person that is an affiliate for purposes of Section 823.003;(2)  a person that directly or indirectly:(A)  beneficially owns 10 percent or more of the outstanding voting securities or other voting or management interests of the other person, whether through rights, options, convertible interests, or otherwise; or(B)  controls or holds power to vote 10 percent or more of the outstanding voting securities or other voting or management interests of the other person;(3)  a person 10 percent or more of the outstanding voting securities or other voting or management interests of which are directly or indirectly:(A)  beneficially owned by the other person, whether through rights, options, convertible interests, or otherwise; or(B)  controlled or held with power to vote by the other person;(4)  a partnership in which the other person is a general partner;(5)  an officer, director, employee, or agent of the other person; or(6)  an immediate family member of an officer, director, employee, or agent described by Subdivision (5).|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.051 (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 B. Administration and Promotion|Section 228.051. Administration by Comptroller

Sec. 228.051.  ADMINISTRATION BY COMPTROLLER.  The comptroller shall administer 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 § 228.052 (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 B. Administration and Promotion|Section 228.052. Rules; Forms

Sec. 228.052.  RULES; FORMS.  The comptroller shall adopt rules and forms as necessary to implement this chapter, including rules that:(1)  establish the application procedures for certified capital companies; and(2)  facilitate the transfer or assignment of premium tax credits by certified investors.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.053 (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 B. Administration and Promotion|Section 228.053. Report to Legislature

Sec. 228.053.  REPORT TO LEGISLATURE.  (a)  The comptroller shall prepare a biennial report concerning the results of the implementation of this chapter.  The report must include:(1)  the number of certified capital companies holding certified capital;(2)  the amount of certified capital invested in each certified capital company;(3)  the amount of certified capital the certified capital company invested in qualified businesses as of January 1, 2006, and the cumulative total for each subsequent year;(4)  the total amount of tax credits granted under this chapter for each year that credits have been granted;(5)  the performance of each certified capital company with respect to renewal and reporting requirements imposed under this chapter;(6)  with respect to the qualified businesses in which certified capital companies have invested:(A)  the classification of the qualified businesses according to the industrial sector and size of the business;(B)  the total number of jobs created by the investment and the average wages paid for the jobs; and(C)  the total number of jobs retained as a result of the investment and the average wages paid for the jobs; and(7)  the certified capital companies that have been decertified or that have failed to renew the certification and the reason for any decertification.(b)  The comptroller shall file the report with the governor, the lieutenant governor, and the speaker of the house of representatives not later than December 15 of each even-numbered year.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.054 (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 B. Administration and Promotion|Section 228.054. Promotion of Program

Sec. 228.054.  PROMOTION OF PROGRAM.  The Texas Economic Development and Tourism Office shall promote the program established under this chapter in the Texas Business and Community Economic Development Clearinghouse.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.101 (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 C. Application for and General Operation of Certified Capital Companies|Section 228.101. Application for Certification

Sec. 228.101.  APPLICATION FOR CERTIFICATION.  (a)  An applicant for certification must file the application in the form prescribed by the comptroller.  The application must be accompanied by a nonrefundable application fee of $7,500.(b)  The application must include an audited balance sheet of the applicant, with an unqualified opinion from an independent certified public accountant, as of a date not more than 35 days before the date of the application.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.102 (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 C. Application for and General Operation of Certified Capital Companies|Section 228.102. Qualification

Sec. 228.102.  QUALIFICATION.  To qualify as a certified capital company:(1)  the applicant must have, at the time of application for certification, an equity capitalization of at least $500,000 in unencumbered cash or cash equivalents;(2)  at least two principals or persons employed to manage the funds of the applicant must have at least four years of experience in the venture capital industry; and(3)  the applicant must satisfy any additional requirement imposed by the comptroller by rule.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.103 (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 C. Application for and General Operation of Certified Capital Companies|Section 228.103. Management by and Certain Ownership Interests of Insurance Entities Prohibited

Sec. 228.103.  MANAGEMENT BY AND CERTAIN OWNERSHIP INTERESTS OF INSURANCE ENTITIES PROHIBITED.  (a)  An insurer, group of insurers, or other persons who may have state premium tax liability or the insurer's or person's affiliates may not directly or indirectly:(1)  manage a certified capital company;(2)  beneficially own, whether through rights, options, convertible interests, or otherwise, more than 10 percent of the outstanding voting securities of a certified capital company; or(3)  control the direction of investments for a certified capital company.(b)  Subsection (a) applies without regard to whether the insurer or other person or the affiliate of the insurer or other person is authorized by or engages in business in this state.(c)  Subsections (a) and (b) do not preclude an insurer, certified investor, or any other party from exercising its legal rights and remedies, including interim management of a certified capital company, if authorized by law, with respect to a certified capital company that is in default of the company's statutory or contractual obligations to the insurer, certified investor, or other party.(d)  This chapter does not limit an insurer's ownership of nonvoting equity interests in a certified capital company.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.104 (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 C. Application for and General Operation of Certified Capital Companies|Section 228.104. Action on Application

Sec. 228.104.  ACTION ON APPLICATION.  (a)  The comptroller shall:(1)  review the application, organizational documents, and business history of each applicant; and(2)  ensure that the applicant satisfies the requirements of this chapter.(b)  Not later than the 30th day after the date an application is filed, the comptroller shall:(1)  issue the certification; or(2)  refuse to issue the certification and communicate in detail to the applicant the grounds for the refusal, including suggestions for the removal of those grounds.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.105 (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 C. Application for and General Operation of Certified Capital Companies|Section 228.105. Continuation of Certification

Sec. 228.105.  CONTINUATION OF CERTIFICATION.  To continue to be certified, a certified capital company must make qualified investments according to the schedule established by Section 228.151.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.106 (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 C. Application for and General Operation of Certified Capital Companies|Section 228.106. Reports to Comptroller; Audited Financial Statement

Sec. 228.106.  REPORTS TO COMPTROLLER; AUDITED FINANCIAL STATEMENT.  (a)  Each certified capital company shall report to the comptroller as soon as practicable after the receipt of certified capital:(1)  the name of each certified investor from whom the certified capital was received, including the certified investor's insurance premium tax identification number;(2)  the amount of each certified investor's investment of certified capital and premium tax credits; and(3)  the date on which the certified capital was received.(b)  Not later than January 31 of each year, each certified capital company shall report to the comptroller:(1)  the amount of the company's certified capital at the end of the preceding year;(2)  whether or not the company has invested more than 15 percent of the company's total certified capital in a single business;(3)  each qualified investment that the company made during the preceding year and, with respect to each qualified investment, the number of employees of the qualified business at the time the qualified investment was made; and(4)  any other information required by the comptroller, including any information required by the comptroller to comply with Section 228.053.(c)  Not later than April 1 of each year, each certified capital company shall provide to the comptroller an annual audited financial statement that includes the opinion of an independent certified public accountant.  The audit must address the methods of operation and conduct of the business of the company to determine whether:(1)  the company is complying with this chapter and the rules adopted under this chapter;(2)  the funds received by the company have been invested as required within the time provided by Section 228.151; and(3)  the company has invested the funds in qualified businesses.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.107 (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 C. Application for and General Operation of Certified Capital Companies|Section 228.107. Renewal Fee; Late Fee; Exception

Sec. 228.107.  RENEWAL FEE; LATE FEE; EXCEPTION.  (a)  Not later than January 31 of each year, each certified capital company shall pay a nonrefundable renewal fee of $5,000 to the comptroller.(b)  If a certified capital company fails to pay the renewal fee on or before the date specified by Subsection (a), the company must pay, in addition to the renewal fee, a late fee of $5,000 to continue the company's certification.(c)  Notwithstanding Subsection (a), a renewal fee is not required within six months of the date on which a certified capital company's initial certification is issued under Section 228.104(b).|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.108 (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 C. Application for and General Operation of Certified Capital Companies|Section 228.108. Offering Material Used by Certified Capital Company

Sec. 228.108.  OFFERING MATERIAL USED BY CERTIFIED CAPITAL COMPANY.  Any offering material involving the sale of securities of the certified capital company must include the following statement:By authorizing the formation of a certified capital company, the State of Texas does not endorse the quality of management or the potential for earnings of the company and is not liable for damages or losses to a certified investor in the company.  Use of the word "certified" in an offering does not constitute a recommendation or endorsement of the investment by the comptroller of public accounts.  If applicable provisions of law are violated, the State of Texas may require forfeiture of unused premium tax credits and repayments of used 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 § 228.151 (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 228.151. Required Schedule of Investment

Sec. 228.151.  REQUIRED SCHEDULE OF INVESTMENT.  (a)  Before the third anniversary of a certified capital company's allocation date, the company must make qualified investments in an amount cumulatively equal to at least 30 percent of the company's certified capital, subject to Section 228.153(b).(b)  Before the fifth anniversary of a certified capital company's allocation date, the company must make qualified investments in an amount cumulatively equal to at least 50 percent of the company's certified capital, subject to Sections 228.152(b) and 228.153(b).|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.152 (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 228.152. Investment in Early Stage Business Required

Sec. 228.152.  INVESTMENT IN EARLY STAGE BUSINESS REQUIRED.  (a)  In this section, "early stage business" means a qualified business that:(1)  is involved, at the time of a certified capital company's first investment, in activities related to the development of initial product or service offerings, such as prototype development or establishment of initial production or service processes;(2)  was initially organized less than two years before the date of the certified capital company's first investment; or(3)  during the fiscal year immediately preceding the year of the certified capital company's first investment had, on a consolidated basis with the business's affiliates, gross revenues of not more than $2 million as determined in accordance with generally accepted accounting principles.(b)  A certified capital company must place at least 50 percent of the amount of qualified investments required by Section 228.151(b) in early stage businesses.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.153 (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 228.153. Investment in Strategic Investment Business Required

Sec. 228.153.  INVESTMENT IN STRATEGIC INVESTMENT BUSINESS REQUIRED.  (a)  In this section:(1)  "Strategic investment area" means an area of this state that qualifies as a strategic investment area under Subchapter O, Chapter 171, Tax Code, or, after the date that subchapter expires, an area that qualified as a strategic investment area under that subchapter immediately before that date.(2)  "Strategic investment business" means a qualified business that:(A)  has the business's principal business operations located in one or more strategic investment areas; and(B)  intends to maintain business operations in the strategic investment areas after receipt of the investment by the certified capital company.(b)  A certified capital company must place at least 30 percent of the amount of qualified investments required by Sections 228.151(a) and (b) in a strategic investment business.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.154 (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 228.154. Certified Capital Not Invested in Qualified Investments

Sec. 228.154.  CERTIFIED CAPITAL NOT INVESTED IN QUALIFIED INVESTMENTS.  A certified capital company shall invest any certified capital not invested in qualified investments only in:(1)  cash deposited with a federally insured financial institution;(2)  certificates of deposit in a federally insured financial institution;(3)  investment securities that are:(A)  obligations of the United States or agencies or instrumentalities of the United States; or(B)  obligations that are guaranteed fully as to principal and interest by the United States;(4)  debt instruments rated at least "A" or the equivalent by a nationally recognized credit rating organization, or issued by, or guaranteed with respect to payment by, an entity whose unsecured indebtedness is rated at least "A" or the equivalent by a nationally recognized credit rating organization, and which indebtedness is not subordinated to other unsecured indebtedness of the issuer or the guarantor;(5)  obligations of this state or a municipality or political subdivision of this state; or(6)  any other investment approved in advance in writing 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 § 228.155 (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 228.155. Computation of Amount of Investments

Sec. 228.155.  COMPUTATION OF AMOUNT OF INVESTMENTS.  (a)  The aggregate cumulative amount of all qualified investments made by a certified capital company after the company's allocation date shall be considered in the computation of the percentage requirements under this subchapter.(b)  A certified capital company may invest proceeds received from a qualified investment in another qualified investment, and that investment counts toward any requirement of this chapter with respect to investments of certified capital.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|
TX Ins Code § 228.156 (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 228.156. Limit on Qualified Investment

Sec. 228.156.  LIMIT ON QUALIFIED INVESTMENT.  A certified capital company may not make a qualified investment at a cost to the company that is greater than 15 percent of the company's total certified capital at the time of investment.|Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.|