Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB2530 by Ashby (Relating to the rate of interest on certain tax refunds.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would amend Chapter 111 of the Tax Code, relating to the rate of interest on certain tax refunds.
Under current law, interest on certain tax refunds or credits is paid at the rate that is the lesser of the annual rate of interest earned on deposits in the state treasury during December of the previous calendar year, as determined by the Comptroller, or the rate set in Section 111.060. The bill would change the reference month to November.
The Comptroller indicates that the change in the reference month from December to November would not have a significant fiscal impact.
The bill would take effect on September 1, 2021.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.