By Swinford                                           H.B. No. 2157
       74R4526 CBH-D
                                 A BILL TO BE ENTITLED
    1-1                                AN ACT
    1-2  relating to the payment of interest on overpaid taxes.
    1-3  
    1-4        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
    1-5        SECTION 1.  Subchapter C, Chapter 111, Tax Code, is amended
    1-6  by adding Section 111.106 to read as follows:
    1-7        Sec. 111.106.  INTEREST ON REFUND OR CREDIT.  (a)   If the
    1-8  comptroller refunds money or authorizes a credit because an amount
    1-9  of tax, penalty, or interest has been erroneously  collected, the
   1-10  comptroller shall pay interest at the yearly rate of 10 percent on
   1-11  the amount found to be erroneously paid.
   1-12        (b)  The interest accrues beginning on the 60th day after the
   1-13  date on which the taxpayer claims a refund or credit and ending on
   1-14  the date on which the comptroller refunds the amount or approves
   1-15  the credit.
   1-16        SECTION 2.  This Act takes effect September 1, 1995, and
   1-17  applies to taxes imposed on or after that date.  Taxes imposed
   1-18  before that date are governed by the law in effect when the taxes
   1-19  were imposed, and that law is continued in effect for that purpose.
   1-20        SECTION 3.  The importance of this legislation and the
   1-21  crowded condition of the calendars in both houses create an
   1-22  emergency and an imperative public necessity that the
   1-23  constitutional rule requiring bills to be read on three several
   1-24  days in each house be suspended, and this rule is hereby suspended.