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AN ACT
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relating to the calculation of interest on certain ad valorem tax |
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refunds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 42.43(b), Tax Code, is amended to read as |
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follows: |
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(b) For a refund made under this section [because an
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exemption under Section 11.20 that was denied by the chief
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appraiser or appraisal review board is granted], the taxing unit |
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shall include with the refund interest on the amount refunded |
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calculated at an annual rate that is equal to the sum of two percent |
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and the most recent prime rate quoted and [auction average rate
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quoted on a bank discount basis for three-month treasury bills
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issued by the United States government, as] published by the |
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Federal Reserve Board as of the first day of the month in which the |
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refund is made [, for the week in which the taxes became
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delinquent], but not more than a total of eight [10] percent, |
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calculated from the delinquency date for the taxes until the date |
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the refund is made. [For any other refund made under this section,
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the taxing unit shall include with the refund interest on the amount
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refunded at an annual rate of eight percent, calculated from the
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delinquency date for the taxes until the date the refund is made.] |
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SECTION 2. The change in law made by this Act applies only |
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to the rate of interest on a tax refund that is made following an |
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appeal that is filed on or after the effective date of this Act. The |
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rate of interest on a tax refund that is made following an appeal |
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that is filed before the effective date of this Act is determined by |
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the law in effect when the appeal is filed, and that law is |
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continued in effect for that purpose. |
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SECTION 3. This Act takes effect September 1, 2011. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 1090 was passed by the House on May 5, |
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2011, by the following vote: Yeas 146, Nays 0, 1 present, not |
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voting; and that the House concurred in Senate amendments to H.B. |
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No. 1090 on May 25, 2011, by the following vote: Yeas 143, Nays 0, |
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2 present, not voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 1090 was passed by the Senate, with |
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amendments, on May 23, 2011, by the following vote: Yeas 31, Nays |
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0. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: __________________ |
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Date |
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__________________ |
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Governor |