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A BILL TO BE ENTITLED
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AN ACT
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relating to the rate of interest on certain tax refunds. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 111.064(a) and (c), Tax Code, are |
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amended to read as follows: |
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(a) Except as otherwise provided by this section, for a |
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refund under this chapter, interest is at the rate [that is the
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lesser of the annual rate of interest earned on deposits in the
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state treasury during December of the previous calendar year, as
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determined by the comptroller, or the rate] set in Section |
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111.060[,] and accrues on the amount found to be erroneously paid |
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for a period: |
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(1) beginning on the later of 60 days after the date of |
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payment or the due date of the tax report; and |
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(2) ending on, as determined by the comptroller, |
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either the date of allowance of credit on account of the |
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comptroller's final decision or audit or a date not more than 10 |
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days before the date of the refund warrant. |
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(c) For a refund claimed after [before] September 1, 2005, |
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and before September 1, 2015, and granted for a report period due on |
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or after January 1, 2000, the rate of interest is the rate that is |
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the lesser of the annual rate of interest earned on deposits in the |
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state treasury during December of the previous calendar year, as |
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determined by the comptroller, or the rate set in Section 111.060. |
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SECTION 2. This Act takes effect September 1, 2015. |