Bill Text: TX HB1090 | 2011-2012 | 82nd Legislature | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Relating to the calculation of interest on certain ad valorem tax refunds.

Spectrum: Bipartisan Bill

Status: (Passed) 2011-06-17 - Effective on 9/1/11 [HB1090 Detail]

Download: Texas-2011-HB1090-Introduced.html

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82R7533 TJB-D
By: Gonzalez H.B. No. 1090

A BILL TO BE ENTITLED
AN ACT
relating to the calculation of interest on certain ad valorem tax
refunds.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 42.43(b), Tax Code, is amended to read as
follows:
(b) For a refund made under this section [because an
exemption under Section 11.20 that was denied by the chief
appraiser or appraisal review board is granted], the taxing unit
shall include with the refund interest on the amount refunded
calculated at an annual rate that is equal to the auction average
rate quoted on a bank discount basis for three-month treasury bills
issued by the United States government, as published by the Federal
Reserve Board, for the week in which the taxes became delinquent,
but not more than 10 percent, calculated from the delinquency date
for the taxes until the date the refund is made. [For any other
refund made under this section, the taxing unit shall include with
the refund interest on the amount refunded at an annual rate of
eight percent, calculated from the delinquency date for the taxes
until the date the refund is made.]
SECTION 2. The change in law made by this Act applies only
to the rate of interest on a tax refund that accrues on or after the
effective date of this Act. The rate of interest on a tax refund
that accrued before the effective date of this Act is determined by
the law in effect when the interest accrued, and that law is
continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2011.