By: Ashby (Senate Sponsor - Nelson) H.B. No. 2530
(In the Senate - Received from the House April 20, 2021;
May 4, 2021, read first time and referred to Committee on Finance;
May 11, 2021, reported favorably by the following vote: Yeas 12,
Nays 0; May 11, 2021, sent to printer.)
Click here to see the committee vote
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. Section 111.064(a), Tax Code, is 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 November [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.
SECTION 2. This Act takes effect September 1, 2021.
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