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.