Section 117.003 - Compliance With Federal Tax Law for Funds Held Under This Chapter(a) If any funds deposited under this chapter are placed into an interest-bearing account, any person with a taxable interest in funds deposited to such account must submit appropriate tax forms and provide correct information to the district or county clerk so that the interest earned on such funds can be timely and appropriately reported to the Internal Revenue Service. The information and forms provided to the district or county clerk under this section are not subject to public disclosure except to the extent necessary to effectuate compliance with federal tax law requirements.(b) The district or county clerk is authorized to pay any or all of the interest earned on funds deposited under this chapter, without court order, to the Internal Revenue Service to satisfy tax withholding requirements.Tex. Loc. Gov't. Code § 117.003
Added by Acts 1997, 75th Leg., ch. 505, Sec. 3, eff. 9/1/1997.