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By: Gonzalez, et al. (Senate Sponsor - Seliger) |
H.B. No. 1090 |
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(In the Senate - Received from the House May 6, 2011; |
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May 9, 2011, read first time and referred to Committee on |
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Intergovernmental Relations; May 19, 2011, reported favorably by |
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the following vote: Yeas 5, Nays 0; May 19, 2011, sent to |
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printer.) |
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A BILL TO BE ENTITLED
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AN ACT
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relating to the calculation of interest on certain ad valorem tax |
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refunds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 42.43(b), Tax Code, is amended to read as |
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follows: |
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(b) For a refund made under this section [because an
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exemption under Section 11.20 that was denied by the chief
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appraiser or appraisal review board is granted], the taxing unit |
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shall include with the refund interest on the amount refunded |
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calculated at an annual rate that is equal to the sum of two percent |
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and the most recent prime rate quoted and [auction average rate
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quoted on a bank discount basis for three-month treasury bills
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issued by the United States government, as] published by the |
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Federal Reserve Board as of the first day of the month in which the |
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refund is made [, for the week in which the taxes became
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delinquent], but not more than a total of eight [10] percent, |
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calculated from the delinquency date for the taxes until the date |
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the refund is made. [For any other refund made under this section,
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the taxing unit shall include with the refund interest on the amount
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refunded at an annual rate of eight percent, calculated from the
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delinquency date for the taxes until the date the refund is made.] |
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SECTION 2. The change in law made by this Act applies only |
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to the rate of interest on a tax refund that is made following an |
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appeal that is finally determined on or after the effective date of |
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this Act. The rate of interest on a tax refund that is made |
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following an appeal that is finally determined before the effective |
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date of this Act is determined by the law in effect when the appeal |
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is finally determined, and that law is continued in effect for that |
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purpose. |
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SECTION 3. This Act takes effect September 1, 2011. |
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* * * * * |