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Texas Statutes (Last Updated: January 4, 2014) |
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INSURANCE CODE |
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Title 3. DEPARTMENT FUNDS, FEES, AND TAXES |
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Subtitle B. INSURANCE PREMIUM TAXES |
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Chapter 228. PREMIUM TAX CREDIT FOR CERTAIN INVESTMENTS |
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Subchapter E. QUALIFIED BUSINESS |
Sec. 228.203. EVALUATION OF BUSINESS BY COMPTROLLER
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(a) A certified capital company may, before making an investment in a business, request a written opinion from the comptroller as to whether the business in which the company proposes to invest is a qualified business, an early stage business, or a strategic investment or low-income community business.
(b) Not later than the 15th business day after the date of the receipt of a request under Subsection (a), the comptroller shall:
(1) determine whether the business meets the definition of a qualified business, an early stage business, or a strategic investment or low-income community business, as applicable, and notify the certified capital company of the determination and provide an explanation of the determination; or
(2) notify the company that an additional 15 days will be needed to review the request and make the determination.
(c) If the comptroller fails to notify the certified capital company with respect to the proposed investment within the period specified by Subsection (b), the business in which the company proposes to invest is considered to be a qualified business, an early stage business, or a strategic investment or low-income community business, as appropriate.