LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION April 5, 2021 TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB2530 by Ashby (Relating to the rate of interest on certain tax refunds.), As Introduced No significant fiscal implication to the State is anticipated. The bill would amend Chapter 111 of the Tax Code, relating to the rate of interest on certain tax refunds.Under current law, interest on certain tax refunds or credits is paid 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. The bill would change the reference month to November.The Comptroller indicates that the change in the reference month from December to November would not have a significant fiscal impact.The bill would take effect on September 1, 2021. Local Government ImpactNo significant fiscal implication to units of local government is anticipated. Source Agencies: b > td > 304 Comptroller of Public Accounts LBB Staff: b > td > JMc, KK
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 87TH LEGISLATIVE REGULAR SESSION
April 5, 2021
TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means FROM: Jerry McGinty, Director, Legislative Budget Board IN RE: HB2530 by Ashby (Relating to the rate of interest on certain tax refunds.), As Introduced
TO: Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM: Jerry McGinty, Director, Legislative Budget Board
IN RE: HB2530 by Ashby (Relating to the rate of interest on certain tax refunds.), As Introduced
Honorable Morgan Meyer, Chair, House Committee on Ways & Means
Honorable Morgan Meyer, Chair, House Committee on Ways & Means
Jerry McGinty, Director, Legislative Budget Board
Jerry McGinty, Director, Legislative Budget Board
HB2530 by Ashby (Relating to the rate of interest on certain tax refunds.), As Introduced
HB2530 by Ashby (Relating to the rate of interest on certain tax refunds.), As Introduced
No significant fiscal implication to the State is anticipated.
No significant fiscal implication to the State is anticipated.
The bill would amend Chapter 111 of the Tax Code, relating to the rate of interest on certain tax refunds.Under current law, interest on certain tax refunds or credits is paid 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. The bill would change the reference month to November.The Comptroller indicates that the change in the reference month from December to November would not have a significant fiscal impact.The bill would take effect on September 1, 2021.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.
Source Agencies: b > td > 304 Comptroller of Public Accounts
304 Comptroller of Public Accounts
LBB Staff: b > td > JMc, KK
JMc, KK