84R11517 KLA-F
By: Button H.B. No. 3111
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. Sections 111.064(a) and (c), Tax Code, are
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 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.
(c) For a refund claimed after [before] September 1, 2005,
and before September 1, 2015, and granted for a report period due on
or after January 1, 2000, the rate of interest is 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.
SECTION 2. This Act takes effect September 1, 2015.