By: Ashby (Senate Sponsor - Nelson) H.B. No. 2530
         (In the Senate - Received from the House April 20, 2021;
  May 4, 2021, read first time and referred to Committee on Finance;
  May 11, 2021, reported favorably by the following vote:  Yeas 12,
  Nays 0; May 11, 2021, sent to printer.)
Click here to see the committee vote
 
 
A BILL TO BE ENTITLED
 
AN ACT
 
  relating to the rate of interest on certain tax refunds.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 111.064(a), Tax Code, is amended to read
  as follows:
         (a)  Except as otherwise provided by this section, for a
  refund under this chapter, interest is at the rate that is the
  lesser of the annual rate of interest earned on deposits in the
  state treasury during November [December] of the previous calendar
  year, as determined by the comptroller, or the rate set in Section
  111.060, and accrues on the amount found to be erroneously paid for
  a period:
               (1)  beginning on the later of 60 days after the date of
  payment or the due date of the tax report; and
               (2)  ending on, as determined by the comptroller,
  either the date of allowance of credit on account of the
  comptroller's final decision or audit or a date not more than 10
  days before the date of the refund warrant.
         SECTION 2.  This Act takes effect September 1, 2021.
 
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