Bill Text: TX SB498 | 2021-2022 | 87th Legislature | Introduced
Bill Title: Relating to the rate of interest on certain tax refunds.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-09 - Referred to Finance [SB498 Detail]
Download: Texas-2021-SB498-Introduced.html
87R5082 RDS-F | ||
By: Buckingham | S.B. No. 498 |
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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, Tax Code, is amended by | ||
amending Subsections (a), (c), and (c-1) and adding Subsection | ||
(a-1) to read as follows: | ||
(a) Except as otherwise provided by this section, for a | ||
refund under this chapter granted for a report period due on or | ||
after September 1, 2027, interest is at the rate [ |
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111.060[ |
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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. | ||
(a-1) A refund under this chapter granted for a report | ||
period due on or after September 1, 2023, but before September 1, | ||
2025, accrues interest at the rate of the prime rate plus 0.5 | ||
percent. A refund under this chapter granted for a report period | ||
due on or after September 1, 2025, but before September 1, 2027, | ||
accrues interest at the rate of the prime rate plus 0.75 percent. | ||
Interest accrues under this subsection on the amount found to be | ||
erroneously paid as described by Subsection (a). | ||
(c) A [ |
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January 1, 2000, but before September 1, 2023, accrues [ |
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interest as follows: | ||
(1) if the refund is claimed before September 1, 2005, | ||
at [ |
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(2) if the refund is claimed on or after September 1, | ||
2005, at the rate that is the lesser of: | ||
(A) the rate set in Section 111.060; or | ||
(B) the annual rate of interest earned on | ||
deposits in the state treasury during December of the previous | ||
calendar year, as determined by the comptroller. | ||
(c-1) A refund under this chapter granted [ |
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2000, does not accrue interest. | ||
SECTION 2. This Act takes effect September 1, 2021. |