Highlights 77th Texas Legislature - Senate

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Guaranty Fund Assessments - H.B. 1495
by Representative Farabee
Senate Sponsor: Senator Jackson
TAX
77 th Texas Legislature
Currently, in the event of a merger, acquisition, or total assumption of reinsurance among or between
insurers, insurance premium tax credits for guaranty fund assessments may not be transferred or assigned
among or between insurers.
Allows members of the Life, Accident, Health and Hospital Service Industry Guaranty Association to take a
premium tax credit for assessments paid to the association.
Ad Valorem Tax Exemption for Certain Charitable Organizations - H.B. 1689
by Representative Chisum, et al.
Senate Sponsor: Senator Barrientos
Grants a qualified charitable organization, as determined by the comptroller, an exemption from taxation of
certain real and tangible personal property owned by the organization and used exclusively by the
organization and other eligible organizations.
Provides that such exemption may not be granted unless the exemption is adopted by either the governing
body of the taxing unit or the majority of the qualified voters of the taxing unit.
Provides that the use of exempt property by persons who are not eligible charitable organizations does not
result in the loss of the exemption if the use is incidental to use by those charitable organizations and
limited to activities that benefit the charitable organization that owns or uses the property.
Limits the exemption for certain real property that consists of an incomplete improvement to not more than
three years.
Provides that an exemption expires at the end of the fifth tax year after the year in which the exemption is
granted. To continue to receive an exemption, the organization must obtain a new determination letter and
reapply for the exemption.
Texas Unclaimed Property Program - H.B. 1840
by Representative Junell
Senate Sponsor: Senator Ellis
The comptroller of public accounts is responsible for administering the Texas Unclaimed Property Program,
which requires financial institutions, businesses, and other entities to deliver to the comptroller property
they hold that they consider abandoned. Some entities do not disclose the existence of abandoned
property because state law requires them to pay interest and penalties on the property.
Senate Research Center 298