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Texas Statutes (Last Updated: January 4, 2014) |
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TAX CODE |
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Title 3. LOCAL TAXATION |
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Subtitle C. LOCAL SALES AND USE TAXES |
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Chapter 322. SALES AND USE TAXES FOR SPECIAL PURPOSE TAXING AUTHORITIES |
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Subchapter D. REVENUE DEPOSIT, DISTRIBUTION, AND USE |
Sec. 322.304. AMOUNTS RETAINED IN TRUST ACCOUNT
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(a) The comptroller may retain in the suspense account of a taxing entity a portion of the entity's share of the tax collected for the entity under this chapter, not to exceed five percent of the amount remitted to the entity. If the entity has abolished the tax, the amount that may be retained may not exceed five percent of the final remittance to the entity at the time of the termination of the collection of the tax.
(b) From the amounts retained in an entity's suspense account, the comptroller may make refunds for overpayments to the account and to redeem dishonored checks and drafts deposited to the credit of the account.
(c) Before the expiration of one year after the effective date of the abolition of an entity's tax under this chapter other than a department under Chapter 453, Transportation Code, the comptroller shall send to the entity the remainder of the money in the entity's account and shall close the account.