Texas Insurance Code
§ 228.201 — DEFINITION OF QUALIFIED BUSINESS
IN § 228.201Title 3. DEPARTMENT FUNDS, FEES, SURCHARGES, AND TAXES · Part B. INSURANCE PREMIUM TAXES · Ch. 228. PREMIUM TAX CREDIT FOR CERTAIN INVESTMENTS · Art. E. QUALIFIED BUSINESS
Statute text
View on source(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
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Legislative history
Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636), Sec. 1B.001, eff. April 1, 2009.