Bill Text: TX HB4194 | 2019-2020 | 86th Legislature | Introduced
Bill Title: Relating to the interest rate on a refund of ad valorem taxes made following the final determination of an appeal that decreases a property owner's tax liability.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2019-05-01 - Left pending in committee [HB4194 Detail]
Download: Texas-2019-HB4194-Introduced.html
By: Middleton | H.B. No. 4194 |
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relating to the interest rate on a refund of ad valorem taxes made | ||
following the final determination of an appeal that decreases a | ||
property owner's tax liability. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 42.43, Tax Code, is amended by amending | ||
Subsections (b), (b-1), and (c) and adding Subsection (b-2) to read | ||
as follows: | ||
(b) Except as provided by Subsection (b-1), for [ |
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refund made under this section, the taxing unit shall include with | ||
the refund interest on the amount refunded calculated at an annual | ||
rate of 9.5 percent, calculated from the delinquency date for the | ||
taxes until the date the refund is made. | ||
(b-1) For a refund made under this section resulting from | ||
the final determination of an appeal that decreases a property | ||
owner's liability for taxes imposed on a refinery, the taxing unit | ||
shall include with the refund interest on the amount refunded | ||
calculated at an annual rate that is equal to the auction average | ||
rate quoted on a bank discount basis for one-month treasury bills | ||
issued by the United States government, as published by the Federal | ||
Reserve Board, for the week in which the taxes became delinquent, | ||
but not more than 4 percent, calculated from the delinquency date | ||
for the taxes until the date the refund is made. In this | ||
subsection, "refinery" means an installation that refines, treats, | ||
prepares, or processes raw or unrefined petroleum. | ||
(b-2) A taxing unit may not send a refund made under this | ||
section before the earlier of: | ||
(1) the 21st day after the final determination of the | ||
appeal; or | ||
(2) the date the property owner files the form | ||
prescribed by Subsection (i) with the taxing unit. | ||
(c) Notwithstanding Subsections [ |
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if a taxing unit does not make a refund, including interest, | ||
required by this section before the 60th day after the date the | ||
chief appraiser certifies a correction to the appraisal roll under | ||
Section 42.41, the taxing unit shall include with the refund | ||
interest on the amount refunded at an annual rate of 12 percent, | ||
calculated from the delinquency date for the taxes until the date | ||
the refund is made. A refund is not considered made under this | ||
section until sent to the proper person as provided by this section. | ||
SECTION 2. The change in law made by this Act applies only | ||
to interest that accrues on or after the effective date of this Act. | ||
Interest that accrued before the effective date of this Act is | ||
governed by the law in effect when the interest accrued, and that | ||
law is continued in effect for that purpose. | ||
SECTION 3. This Act takes effect September 1, 2019. |