| Old | New | Differences | |
|---|---|---|---|
| 1 | - | 86R25238 SRA-F | |
| 2 | 1 | By: Springer H.B. No. 3443 | |
| 3 | - | Substitute the following for H.B. No. 3443: | |
| 4 | - | By: Wray C.S.H.B. No. 3443 | |
| 5 | 2 | ||
| 6 | 3 | ||
| 7 | 4 | A BILL TO BE ENTITLED | |
| 8 | 5 | AN ACT | |
| 9 | 6 | relating to the rate of interest on certain tax refunds. | |
| 10 | 7 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 11 | - | SECTION 1. Section 111.064, Tax Code, is amended by | |
| 12 | - | amending Subsections (a), (c), and (c-1) and adding Subsection | |
| 13 | - | (a-1) to read as follows: | |
| 8 | + | SECTION 1. Sections 111.064(a), (c), and (c-1), Tax Code, | |
| 9 | + | are amended to read as follows: | |
| 14 | 10 | (a) Except as otherwise provided by this section, for a | |
| 15 | 11 | refund under this chapter granted for a report period due on or | |
| 16 | - | after September 1, | |
| 12 | + | after September 1, 2019, interest is at the rate [that is the lesser | |
| 17 | 13 | of the annual rate of interest earned on deposits in the state | |
| 18 | 14 | treasury during December of the previous calendar year, as | |
| 19 | 15 | determined by the comptroller, or the rate] set in Section | |
| 20 | 16 | 111.060[,] and accrues on the amount found to be erroneously paid | |
| 21 | 17 | for a period: | |
| 22 | 18 | (1) beginning on the later of 60 days after the date of | |
| 23 | 19 | payment or the due date of the tax report; and | |
| 24 | 20 | (2) ending on, as determined by the comptroller, | |
| 25 | 21 | either the date of allowance of credit on account of the | |
| 26 | 22 | comptroller's final decision or audit or a date not more than 10 | |
| 27 | 23 | days before the date of the refund warrant. | |
| 28 | - | (a-1) A refund under this chapter granted for a report | |
| 29 | - | period due on or after September 1, 2021, but before September 1, | |
| 30 | - | 2023, accrues interest at the rate of the prime rate plus 0.5 | |
| 31 | - | percent. A refund under this chapter granted for a report period | |
| 32 | - | due on or after September 1, 2023, but before September 1, 2025, | |
| 33 | - | accrues interest at the rate of the prime rate plus 0.75 percent. | |
| 34 | - | Interest accrues under this subsection on the amount found to be | |
| 35 | - | erroneously paid as described by Subsection (a). | |
| 36 | 24 | (c) A [For a] refund under this chapter [claimed before | |
| 37 | 25 | September 1, 2005, and] granted for a report period due on or after | |
| 38 | - | January 1, 2000, but before September 1, | |
| 26 | + | January 1, 2000, but before September 1, 2019, accrues [the rate of] | |
| 39 | 27 | interest as follows: | |
| 40 | 28 | (1) if the refund is claimed on or before September 1, | |
| 41 | 29 | 2005, at [is] the rate set in Section 111.060; and | |
| 42 | 30 | (2) if the refund is claimed after September 1, 2005, | |
| 43 | 31 | at the rate that is the lesser of: | |
| 44 | 32 | (A) the rate set in Section 111.060; or | |
| 45 | 33 | (B) the annual rate of interest earned on | |
| 46 | 34 | deposits in the state treasury during December of the previous | |
| 47 | 35 | calendar year, as determined by the comptroller. | |
| 48 | 36 | (c-1) A refund under this chapter granted [, without regard | |
| 49 | 37 | to the date claimed,] for a report period due before January 1, | |
| 50 | 38 | 2000, does not accrue interest. | |
| 51 | 39 | SECTION 2. This Act takes effect September 1, 2019. |