Texas SB1337 amends the computation of tax penalties and interest amounts.

Texas SB1337 amends the Texas Tax Code to adjust the computation of certain tax penalties and interest amounts. It sets a fixed yearly interest rate of 12 percent for delinquent taxes due on or before December 31, 1999, with a variable rate thereafter. The bill also modifies the computation of interest for refunds, ensuring it is at the lesser of the annual interest rate earned on state treasury deposits or a specified rate. Additionally, it clarifies the computation of penalties by deducting overpayments for the same period or a preceding period.

Texas SB1337 amends the computation of tax penalties and interest amounts.

Texas SB1337 amends the Texas Tax Code to adjust the computation of certain tax penalties and interest amounts. It sets a fixed yearly interest rate of 12 percent for delinquent taxes due on or before December 31, 1999, with a variable rate thereafter. The bill also modifies the computation of interest for refunds, ensuring it is at the lesser of the annual interest rate earned on state treasury deposits or a specified rate. Additionally, it clarifies the computation of penalties by deducting overpayments for the same period or a preceding period.