Texas Labor Code - Section 401.023. Interest Or Discount Rate
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§ 401.023. INTEREST OR DISCOUNT RATE. (a) Interest or a
discount under this subtitle shall be computed at the rate provided
by this section.
(b) 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; Acts
2001, 77th Leg., ch. 1456, § 15.01, eff. June 17, 2001; Acts
2005, 79th Leg., ch. 265, § 3.006, eff. Sept. 1, 2005.
Section: 401.001 401.003 401.011 401.012 401.013 401.021 401.022 401.023 401.024 401.025 402.001 402.00111 402.00112 402.00113 402.00114
Last modified: August 10, 2007
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