H.B. No. 1090
 
 
 
 
AN ACT
  relating to the calculation of interest on certain ad valorem tax
  refunds.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 42.43(b), Tax Code, is amended to read as
  follows:
         (b)  For a refund made under this section [because an
  exemption under Section 11.20 that was denied by the chief
  appraiser or appraisal review board is granted], the taxing unit
  shall include with the refund interest on the amount refunded
  calculated at an annual rate that is equal to the sum of two percent
  and the most recent prime rate quoted and [auction average rate
  quoted on a bank discount basis for three-month treasury bills
  issued by the United States government, as] published by the
  Federal Reserve Board as of the first day of the month in which the
  refund is made [, for the week in which the taxes became
  delinquent], but not more than a total of eight [10] percent,
  calculated from the delinquency date for the taxes until the date
  the refund is made. [For any other refund made under this section,
  the taxing unit shall include with the refund interest on the amount
  refunded at an annual rate of eight percent, calculated from the
  delinquency date for the taxes until the date the refund is made.]
         SECTION 2.  The change in law made by this Act applies only
  to the rate of interest on a tax refund that is made following an
  appeal that is filed on or after the effective date of this Act. The
  rate of interest on a tax refund that is made following an appeal
  that is filed before the effective date of this Act is determined by
  the law in effect when the appeal is filed, and that law is
  continued in effect for that purpose.
         SECTION 3.   This Act takes effect September 1, 2011.
 
 
  ______________________________ ______________________________
     President of the Senate Speaker of the House     
 
 
         I certify that H.B. No. 1090 was passed by the House on May 5,
  2011, by the following vote:  Yeas 146, Nays 0, 1 present, not
  voting; and that the House concurred in Senate amendments to H.B.
  No. 1090 on May 25, 2011, by the following vote:  Yeas 143, Nays 0,
  2 present, not voting.
 
  ______________________________
  Chief Clerk of the House   
 
         I certify that H.B. No. 1090 was passed by the Senate, with
  amendments, on May 23, 2011, by the following vote:  Yeas 31, Nays
  0.
 
  ______________________________
  Secretary of the Senate   
  APPROVED: __________________
                  Date       
   
           __________________
                Governor