By Patterson S.B. No. 1218 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.