| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | By: Darby (Senate Sponsor - Hinojosa) H.B. No. 2253 | |
| 2 | 2 | (In the Senate - Received from the House April 19, 2017; | |
| 3 | 3 | April 26, 2017, read first time and referred to Committee on | |
| 4 | 4 | Finance; May 12, 2017, reported adversely, with favorable | |
| 5 | 5 | Committee Substitute by the following vote: Yeas 9, Nays 1; | |
| 6 | 6 | May 12, 2017, sent to printer.) | |
| 7 | 7 | Click here to see the committee vote | |
| 8 | 8 | COMMITTEE SUBSTITUTE FOR H.B. No. 2253 By: Hinojosa | |
| 9 | 9 | ||
| 10 | 10 | ||
| 11 | 11 | A BILL TO BE ENTITLED | |
| 12 | 12 | AN ACT | |
| 13 | - | relating to the interest | |
| 14 | - | | |
| 15 | - | property owner's | |
| 13 | + | relating to the calculation of interest on an ad valorem tax refund | |
| 14 | + | resulting from the final determination of an appeal that decreases | |
| 15 | + | a property owner's liability. | |
| 16 | 16 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 17 | - | SECTION 1. | |
| 18 | - | follows: | |
| 17 | + | SECTION 1. Sections 42.43(b) and (c), Tax Code, are amended | |
| 18 | + | to read as follows: | |
| 19 | 19 | (b) For a refund made under this section, the taxing unit | |
| 20 | - | shall include with the refund interest on the amount refunded | |
| 21 | - | calculated at an annual rate that is equal to the sum of two percent | |
| 22 | - | and the most recent prime rate quoted and published by the Federal | |
| 23 | - | Reserve Board as of the first day of the month in which the refund is | |
| 24 | - | made, but not more than a total of eight [of 9.5] percent, | |
| 20 | + | shall include with the refund interest on all or a portion of the | |
| 21 | + | amount refunded, calculated at an annual rate of 9.5 percent, | |
| 25 | 22 | calculated from the delinquency date for the taxes until the date | |
| 26 | - | the refund is made. | |
| 23 | + | the refund is made. The court that makes the final determination of | |
| 24 | + | the appeal shall, in its discretion, determine the amount on which | |
| 25 | + | interest is to be calculated. | |
| 26 | + | (c) Notwithstanding Subsection (b), if a taxing unit does | |
| 27 | + | not make a refund, including interest, required by this section | |
| 28 | + | before the 60th day after the date the chief appraiser certifies a | |
| 29 | + | correction to the appraisal roll under Section 42.41, the taxing | |
| 30 | + | unit shall include with the refund interest on the amount | |
| 31 | + | determined by the court under Subsection (b) [refunded] at an | |
| 32 | + | annual rate of 12 percent, calculated from the delinquency date for | |
| 33 | + | the taxes until the date the refund is made. A refund is not | |
| 34 | + | considered made under this section until sent to the proper person | |
| 35 | + | as provided by this section. | |
| 27 | 36 | SECTION 2. The change in law made by this Act applies only | |
| 28 | 37 | to a tax refund that is made following an appeal that is filed on or | |
| 29 | 38 | after the effective date of this Act. A tax refund that is made | |
| 30 | 39 | following an appeal that is filed before the effective date of this | |
| 31 | 40 | Act is determined by the law in effect when the appeal is filed, and | |
| 32 | 41 | that law is continued in effect for that purpose. | |
| 33 | 42 | SECTION 3. This Act takes effect immediately if it receives | |
| 34 | 43 | a vote of two-thirds of all the members elected to each house, as | |
| 35 | 44 | provided by Section 39, Article III, Texas Constitution. If this | |
| 36 | 45 | Act does not receive the vote necessary for immediate effect, this | |
| 37 | 46 | Act takes effect September 1, 2017. | |
| 38 | 47 | * * * * * |