S.B. No. 1295
                                        AN ACT
    1-1  relating to a refund of certain ad valorem taxes.
    1-2        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-3        SECTION 1.  Subsection (b), Section 42.43, Tax Code, is
    1-4  amended to read as follows:
    1-5        (b)  For a refund made under this section because an
    1-6  exemption under Section 11.20 that was denied by the chief
    1-7  appraiser or appraisal review board is granted, the taxing unit
    1-8  shall include with the refund interest on the amount refunded
    1-9  calculated at an annual rate that is equal to the auction average
   1-10  rate quoted on a bank discount basis for three-month treasury bills
   1-11  issued by the United States government, as published by the Federal
   1-12  Reserve Board, for the week in which the taxes became delinquent,
   1-13  but not more than <of> 10 percent, calculated from the delinquency
   1-14  date for the taxes <amount refunded was paid by the property owner>
   1-15  until the date the refund is made.  For any other refund made under
   1-16  this section, the taxing unit shall include with the refund
   1-17  interest on the amount refunded at an annual rate that is equal to
   1-18  the auction average rate quoted on a bank discount basis for
   1-19  three-month treasury bills issued by the United States government,
   1-20  as published by the Federal Reserve Board, for the week in which
   1-21  the taxes became delinquent, but not more than <of> eight percent,
   1-22  calculated from the delinquency date for the taxes until the date
   1-23  the refund is made.
   1-24        SECTION 2.  This Act takes effect September 1, 1993.  The
    2-1  changes in law made by this Act apply only to refunds paid on or
    2-2  after that date.
    2-3        SECTION 3.  The importance of this legislation and the
    2-4  crowded condition of the calendars in both houses create an
    2-5  emergency and an imperative public necessity that the
    2-6  constitutional rule requiring bills to be read on three several
    2-7  days in each house be suspended, and this rule is hereby suspended.