Bill Text: TX HB3614 | 2011-2012 | 82nd Legislature | Introduced
Bill Title: Relating to the interest rate on a refund of ad valorem taxes made following the final determination of an appeal that decreases a property owner's tax liability.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2011-03-23 - Referred to Ways & Means [HB3614 Detail]
Download: Texas-2011-HB3614-Introduced.html
82R989 CJC-F | ||
By: Hughes | H.B. No. 3614 |
|
||
|
||
relating to the interest rate on a refund of ad valorem taxes made | ||
following the final determination of an appeal that decreases a | ||
property owner's tax liability. | ||
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 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 [ |
||
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 a refund made under Section 42.43, Tax Code, on or after the | ||
effective date of this Act. A refund made under that section before | ||
the effective date of this Act is governed by the law in effect on | ||
the date the refund was made, and the former law is continued in | ||
effect for that purpose. | ||
SECTION 3. This Act takes effect immediately if it receives | ||
a vote of two-thirds of all the members elected to each house, as | ||
provided by Section 39, Article III, Texas Constitution. If this | ||
Act does not receive the vote necessary for immediate effect, this | ||
Act takes effect September 1, 2011. |