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AN ACT
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relating to exempting premiums for certain insurance covering |
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stored or in-transit baled cotton from surplus lines insurance |
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premium taxes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 225.004, Insurance Code, is amended by |
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adding Subsection (g) to read as follows: |
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(g) Premiums on risks or exposures under ocean marine |
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insurance coverage of stored or in-transit baled cotton for export |
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are not subject to the tax imposed by this chapter. |
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SECTION 2. The change in law made by this Act does not |
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affect tax liability accruing before the effective date of this |
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Act. That liability continues in effect as if this Act had not been |
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enacted, and the former law is continued in effect for the |
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collection of taxes due and for civil and criminal enforcement of |
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the liability for those taxes. |
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SECTION 3. This Act takes effect January 1, 2014. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 2972 was passed by the House on May |
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10, 2013, by the following vote: Yeas 139, Nays 0, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 2972 was passed by the Senate on May |
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22, 2013, by the following vote: Yeas 30, Nays 1. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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_____________________ |
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Governor |