HB4599 Summary

• Requires interest earnings attributable to moneys in the protest fund to be deposited into the protest fund beginning July 1, 2013.

• For moneys paid under protest on or after July 1, 2013, authorized payments from the protest fund shall bear prorated interest based on the average monthly investable balance from deposit through disbursement date.

• Beginning July 1, 2013, when a party paying under protest fails in the protest action, any interest earned and retained in the protest fund shall be transferred to the General Revenue Fund, except for moneys paid under specific tax assessment provisions.

• Maintains existing interest calculation method (average weekly rates on 13-week U.S. Treasury Bills) for moneys paid under protest prior to July 1, 2013.