34 TAC §3.11
The Comptroller of Public Accounts adopts an amendment to §3.11,
concerning penalty and interest, without changes to the proposed text as published
in the November 3, 2000, issue of the
Texas Register
(25 TexReg 10881).
Because the state must pay credit interest on overpayments made on taxes
due on or after January 1, 2000, taxpayers will no longer be authorized to
keep prepayment accounts. Also, these accounts were originally authorized
to simplify procedures and minimize penalty concerns at a time when prices
of gas were regulated. Those concerns no longer exist since federal price
controls are no longer imposed. Therefore, Subsection (b) is being deleted
to eliminate these accounts.
No comments were received regarding adoption of the amendment.
This amendment is adopted under Tax Code, §111.002, which
provides the comptroller with the authority to prescribe, adopt, and enforce
rules relating to the administration and enforcement of the provisions of
the Tax Code, Title 2.
The amendment implements Tax Code, §111.064.
This agency hereby certifies that the adoption has been reviewed
by legal counsel and found to be a valid exercise of the agency's legal authority.
Filed with the Office of
the Secretary of State on January 29, 2001.
TRD-200100512
Martin Cherry
Deputy General Counsel for Tax Policy and Agency Affairs
Comptroller of Public Accounts
Effective date: February 18, 2001
Proposal publication date: November 3, 2000
For further information, please call: (512) 463-4062