Texas § 228.255 ALLOCATION OF PREMIUM TAX CREDIT.

Texas Statutes

§ 228.255 — ALLOCATION OF PREMIUM TAX CREDIT.

Texas § 228.255

Code INInsurance Code

This text of Texas § 228.255 (ALLOCATION OF PREMIUM TAX CREDIT.) is published on Counsel Stack Legal Research, covering Texas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tex. Insurance Code Code Ann. § 228.255 (2026).

Text

Sec. 228.255. ALLOCATION OF PREMIUM TAX CREDIT.

(a)If the total premium tax credits claimed by all certified investors with respect to Program One or Program Two, as applicable, exceeds the total limits on premium tax credits established for that program by Section 228.254 (a), the comptroller shall allocate the total amount of premium tax credits allowed under this chapter to certified investors in certified capital companies on a pro rata basis in accordance with this section.

(b)The pro rata allocation for each certified investor shall be the product of:

(1)a fraction, the numerator of which is the amount of the premium tax credit allocation claim filed on behalf of the investor with respect to Program One or Program Two, as applicable, and the denominator of which is the total amoun

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Sec. 228.255. ALLOCATION OF PREMIUM TAX CREDIT. (a) If the total premium tax credits claimed by all certified investors with respect to Program One or Program Two, as applicable, exceeds the total limits on premium tax credits established for that program by Section 228.254 (a), the comptroller shall allocate the total amount of premium tax credits allowed under this chapter to certified investors in certified capital companies on a pro rata basis in accordance with this section.
(b) The pro rata allocation for each certified investor shall be the product of:
(1) a fraction, the numerator of which is the amount of the premium tax credit allocation claim filed on behalf of the investor with respect to Program One or Program Two, as applicable, and the denominator of which is the total amount of all premium tax credit allocation claims filed on behalf of all certified investors with respect to that program; and
(2) the total amount of certified capital for which premium tax credits may be allowed with respect to that program under this chapter.
(c) The maximum amount of certified capital for which premium tax credit allocation may be allowed on behalf of a single certified investor and the investor's affiliates with respect to Program One or Program Two, as applicable, whether by one or more certified capital companies, may not exceed the greater of:
(1) $10 million; or
(2) 15 percent of the maximum aggregate amount available with respect to that program under Section 228.254 (a).

Legislative History

Added by Acts 2007, 80th Leg., R.S., Ch. 730 (H.B. 2636 ), Sec. 1B.001, eff. April 1, 2009. Amended by: Acts 2009, 81st Leg., R.S., Ch. 87 (S.B. 1969 ), Sec. 14.007(a), eff. September 1, 2009.