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Summary: Cotton must be insured when it is exported to guarantee that a purchaser will be made whole if the received cotton is damaged. The insurance is transferred as the bale is sold, and the coverage is continuous from the date it is written until the cotton is delivered to the purchaser. HB 2972 would change law so that certain taxes are not imposed on the insurance premiums paid to insure cotton when it is exported.
HB 2972 reduces taxes on cotton exported out of Texas. Reducing these taxes will lower the price of cotton and make Texas cotton easier to market and export. This reduces the tax burden on Texas cotton growers and provides a boost to Texas’ cotton industry.