Texas Labor Codes 401.023

• Amended by Acts 2005, 79th Leg., ch. , � HB 7, eff. Sept. 1, 2005.

(a) Interest or a discount under this subtitle shall be computed at the rate provided by this section.

(b) [effective through September 30, 1999.] The commission shall compute and publish the interest and discount rate quarterly, using the auction rate quoted on a discount basis for the 52-week treasury bills issued by the United States government, as published by the Federal Reserve Board on the date nearest to the 15th day preceding the first day of the calendar quarter for which the rate is to be effective. For this purpose, calendar quarters begin January 1, April 1, July 1, and October 1.

(b) [effective from October 1, 1999 through June 17, 2001.] The commission shall compute and publish the interest and discount rate quarterly, using the auction rate quoted on a discount basis for the 52-week treasury bills issued by the United States government, as published by the Federal Reserve Board on the date nearest to the 15th day preceding the first day of the calendar quarter for which the rate is to be effective, plus 3.5 percent. For this purpose, calendar quarters begin January 1, April 1, July 1, and October 1.

(b) [effective June 17, 2001.] The division shall compute and publish the interest and discount rate quarterly, using the treasury constant maturity rate for one-year treasury bills issued by the United States government, as published by the Federal Reserve Board on the 15th day preceding the first day of the calendar quarter for which the rate is to be effective, plus 3.5 percent. For this purpose, calendar quarters begin January 1, April 1, July 1, and October 1.

Acts 1993, 73rd Leg., ch. 269, §1, eff. Sept. 1, 1993. Amended by Acts 1999, 76th Leg., ch. 1426, §2, eff. Oct. 1, 1999. Amended by Acts 2001, 77th Leg., ch. 1456, §15.01, eff. June 17, 2001. Amended by Acts 2005, 79th Leg., ch. , § HB 7, eff. Sept. 1, 2005.