Bill Text: TX HB1560 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to a tax on title insurance policies written by title insurance companies to fund housing programs and services; imposing a tax.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2019-03-04 - Referred to Ways & Means [HB1560 Detail]
Download: Texas-2019-HB1560-Introduced.html
| 86R3389 GRM-D | ||
| By: Dutton | H.B. No. 1560 | |
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| relating to a tax on title insurance policies written by title | ||
| insurance companies to fund housing programs and services; imposing | ||
| a tax. | ||
| BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
| SECTION 1. Subtitle E, Title 3, Insurance Code, is amended | ||
| by adding Chapter 282 to read as follows: | ||
| CHAPTER 282. TITLE INSURANCE TAX FOR HOUSING PROGRAMS AND SERVICES | ||
| Sec. 282.0001. TAX IMPOSED; RATE. (a) A tax is imposed on | ||
| the issuance of each title insurance policy that is written for | ||
| delivery in this state by a title insurance company authorized to | ||
| engage in business in this state and for which the full basic | ||
| premium is charged. | ||
| (b) The rate of the tax is $1 on each policy described by | ||
| Subsection (a). | ||
| (c) The tax imposed by this section is in addition to other | ||
| taxes, fees, and assessments imposed on a title insurance company. | ||
| Sec. 282.0002. COLLECTION OF TAX. The comptroller shall | ||
| collect the tax. | ||
| Sec. 282.0003. TAX DUE DATES. (a) A title insurance | ||
| company shall pay the tax on an annual, semiannual, or more frequent | ||
| periodic basis, as determined by the comptroller. | ||
| (b) The comptroller may require semiannual or more frequent | ||
| periodic payments only from a title insurance company whose tax | ||
| liability under this chapter for the preceding year was at least | ||
| $2,000. | ||
| Sec. 282.0004. DEPOSIT AND USE OF TAX REVENUE. (a) The | ||
| comptroller shall deposit taxes collected under this chapter as | ||
| follows: | ||
| (1) one-fourth to the credit of the foundation school | ||
| fund; and | ||
| (2) the remainder to the credit of the general revenue | ||
| fund. | ||
| (b) Money deposited under Subsection (a)(2) may be | ||
| appropriated only for programs and services designed to reduce | ||
| homelessness and housing insecurity. | ||
| Sec. 282.0005. RULES. The comptroller may adopt reasonable | ||
| rules to implement this chapter, including rules providing for the | ||
| form and manner of remittance of the taxes imposed by this chapter. | ||
| SECTION 2. Not later than December 1, 2019, the comptroller | ||
| of public accounts shall adopt rules necessary for the | ||
| implementation and administration of Chapter 282, Insurance Code, | ||
| as added by this Act. | ||
| SECTION 3. Chapter 282, Insurance Code, as added by this | ||
| Act, applies to a title insurance policy written on or after January | ||
| 1, 2020. A title insurance policy written before January 1, 2020, | ||
| is governed by the law in effect when the title insurance policy was | ||
| written, and that law is continued in effect for that purpose. | ||
| SECTION 4. This Act takes effect September 1, 2019. | ||
