Texas § IN.462.157 - TAX CREDIT
Full text of Texas The Texas Constitution § IN.462.157 — TAX CREDIT, with citation guidance and answers to common questions.
§ IN.462.157. TAX CREDIT
TAX CREDIT. (a) An insurer is entitled to a credit against the insurer's premium tax under Chapter 221 for the total amount of an assessment paid by the insurer under this chapter. (b) The tax credit may be taken at a rate of 10 percent each year for 10 successive years after the date of assessment. At the option of the insurer, the tax credit may be taken over an additional number of years. (c) The balance of a tax credit not claimed in a particular year may be reflected in the books and records of the insurer as an admitted asset of the insurer for all purposes, including exhibition in an annual statement under Section 862.001 . (d) Available credit against premium tax allowed under this section may be transferred or assigned among insurers if: (1) a merger, acquisition, or total assumption of reinsurance among the insurers occurs; or (2) the commissioner by order approves the transfer or assignment. Added by Acts 2005, 79th Leg., Ch. 727 (H.B. 2017 ), Sec. 1, eff. April 1, 2007.
Frequently Asked Questions About Texas § IN.462.157
What does The Texas Constitution § IN.462.157 cover?
Section IN.462.157 ("TAX CREDIT") is part of the The Texas Constitution, the codified statutory law of Texas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Texas § IN.462.157?
A common citation format is "The Texas Constitution § IN.462.157" (Texas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Texas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Texas official source linked on this page or consult a licensed Texas attorney.
How does Texas § IN.462.157 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Texas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Texas.