TO: | Honorable Steve Ogden, Chair, Senate Committee on Finance |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | SB1024 by Ogden (Relating to the due dates for split payment of ad valorem taxes.), As Introduced |
The bill would amend Chapter 31 of the Tax Code, regarding property tax collections.
The bill would change the date of a taxpayer's payment for the first installment to taxing entities allowing split payments of ad valorem taxes. Existing law provides for the initial payment before December 1. The bill would change the date to on or before December 31.
Currently, taxing units that collect their own taxes could provide for payment of one-half of the taxes due before December 1 and the remaining one-half would be due before July 1. Penalties and interest do not accrue. This bill would change the date of the first payment to on or before December 31.
The bill would take effect September 1, 2009.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, MN, SD, SJS
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