Texas Insurance Code
§ 228.351 — RECAPTURE AND FORFEITURE OF PREMIUM TAX CREDIT FOLLOWING DECERTIFICATION
IN § 228.351Title 3. DEPARTMENT FUNDS, FEES, SURCHARGES, AND TAXES · Part B. INSURANCE PREMIUM TAXES · Ch. 228. PREMIUM TAX CREDIT FOR CERTAIN INVESTMENTS · Art. H. RECAPTURE AND FORFEITURE OF PREMIUM TAX CREDITS
Statute text
View on source(a)Decertification of a certified capital company may, in accordance with this section, cause:
(1)the recapture of premium tax credits previously claimed by the company's certified investors; and
(2)the forfeiture of future premium tax credits to be claimed by the investors.
(b)Decertification of a certified capital company on or before the third anniversary of the company's allocation date causes the recapture of any premium tax credits previously claimed and the forfeiture of any future premium tax credits to be claimed by a certified investor with respect to the company.
(c)For a certified capital company that meets the requirements for continued certification under Section 228.151(a) and subsequently fails to meet the requirements for continued certification under Subsection (b) of that section:
(1)any premium tax credit that has been or will be taken by a certified investor on or before the third anniversary of the allocation date is not subject to recapture or forfeiture; and
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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.