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.