By:  Ratliff                                          S.B. No. 1295
       73R6739 JD-F
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to a refund of certain ad valorem taxes.
    1-3        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-4        SECTION 1.  Section 42.43(b), Tax Code, is amended to read as
    1-5  follows:
    1-6        (b)  For a refund made under this section because an
    1-7  exemption under Section 11.20 that was denied by the chief
    1-8  appraiser or appraisal review board is granted, the taxing unit
    1-9  shall include with the refund interest on the amount refunded
   1-10  calculated at an annual rate that is equal to the market rate of a
   1-11  United States treasury bill on the delinquency date for the taxes,
   1-12  but not more than <of> 10 percent, calculated from the delinquency
   1-13  date for the taxes <amount refunded was paid by the property owner>
   1-14  until the date the refund is made.  For any other refund made under
   1-15  this section, the taxing unit shall include with the refund
   1-16  interest on the amount refunded at an annual rate that is equal to
   1-17  the market rate of a United States treasury bill on the delinquency
   1-18  date, but not more than <of> eight percent, calculated from the
   1-19  delinquency date for the taxes until the date the refund is made.
   1-20        SECTION 2.  This Act takes effect September 1, 1993.  The
   1-21  changes in law made by this Act apply only to refunds paid on or
   1-22  after that date.
   1-23        SECTION 3.  The importance of this legislation and the
   1-24  crowded condition of the calendars in both houses create an
    2-1  emergency and an imperative public necessity that the
    2-2  constitutional rule requiring bills to be read on three several
    2-3  days in each house be suspended, and this rule is hereby suspended.