TITLE: Relating to the authority of the governing body of a taxing unit to rescind a discount for early payment of ad valorem taxes.

SUMMARY: Relating to the authority of the governing body of a taxing unit to rescind a discount for early payment of ad valorem taxes.

FULL TEXT:
AN ACT relating to the authority of the governing body of a taxing unit to rescind a discount for early payment of ad valorem taxes. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: SECTION 1. Section 31.05, Tax Code, is amended by adding Subsection (d) to read as follows: (d) The governing body of a taxing unit may rescind a discount adopted by the governing body in the manner required by law for official action by the body. The rescission of a discount takes effect in the tax year following the year in which the discount is rescinded. SECTION 2. This Act takes effect immediately if it receives a vote of two-thirds of all the members elected to each house, as provided by Section 39, Article III, Texas Constitution.