By: Armbrister S.B. No. 1325
A BILL TO BE ENTITLED
AN ACT
1-1 relating to refunds of property 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 10 percent, calculated from the delinquency date
1-14 for the taxes until the date the refund is made. For any other
1-15 refund made under this section, the taxing unity shall include with
1-16 the refund interest on the amount refunded at an annual rate of
1-17 <that is equal to the auction average rate quoted on a bank
1-18 discount basis for three-month treasury bills issued by the United
1-19 States government, as published by the Federal Reserve Board, for
1-20 the week in which the taxes became delinquent, but not more than>
1-21 eight percent, calculated from the delinquency date for the taxes
1-22 until the date the refund is made.
1-23 SECTION 2. The importance of this legislation and the
2-1 crowded condition of the calendars in both houses create an
2-2 emergency and an imperative public necessity that the
2-3 constitutional rule requiring bills to be read on three several
2-4 days in each house be suspended, and this rule is hereby suspended.