HBA-JRA H.B. 2380 76(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 2380 By: Burnam Ways & Means 4/7/1999 Introduced BACKGROUND AND PURPOSE Currently, an overpayment of property taxes is held by the county in the county depository until the taxpayer requests a refund of the overpayment. If the refund is not paid within 60 days of the request, the county is required to pay interest to the claimant. Up until the 60th day, or until the refund is made, interest earned on the funds belongs to the county. The authority to deposit these funds in a depository that yields a higher interest rate than the county depository could benefit the county, as well as the entities for which the county collects taxes. H.B. 2380 authorizes the county tax assessor-collector of a county with a population of one million or more to deposit collected taxes with the Texas Treasury Safekeeping Trust Company. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. SECTION BY SECTION ANALYSIS SECTION 1. Amends Chapter 31, Tax Code, by adding Section 31.105, as follows: Sec. 31.105. DEPOSIT OF TAXES COLLECTED IN CERTAIN COUNTIES WITH TEXAS TREASURY SAFEKEEPING TRUST COMPANY. (a) Provides that this section applies only to a county with a population of one million or more. (b) Authorizes the county assessor-collector to deposit, on behalf of the county, all or a designated part of the taxes collected for the county with the Texas Treasury Safekeeping Trust Company, with the consent of the commissioners court of the county, and notwithstanding Sections 113.021(a) and (b) (relating to money being deposited into a special fund with the county treasury), and 116.113(b) (relating to the immediate deposit of funds in the county depository), Local Government Code, Section 31.10(c) (requiring the monthly deposit of collected taxes) of this code, and any other law to the contrary. Establishes that county tax revenues deposited with the Texas Treasury Safekeeping Trust Company under this section are county funds subject to the control of the commissioners court. (c) Provides that Section 113.006 (Liability of County Tax Assessor-Collector), Local Government Code, applies to the deposit of tax revenue under this section in the same manner as that section applies to the deposit of tax revenue in the county depository. SECTION 2.Emergency clause. Effective date: upon passage.