Laws, Regulations & Annotations
Business Taxes Law Guide – Revision 2021
Hazardous Substances Tax Law
CHAPTER 5. OVERPAYMENTS AND REFUNDS
Article 1. Claim for Refund
43455. Interest. Interest shall be computed, allowed, and paid upon any overpayment of any amount of tax at the modified adjusted rate per month established pursuant to Section 6591.5, from the first day of the monthly period following the period during which the overpayment was made. For the purposes of this section, "monthly period" means the month commencing on the day after the due date of the payment through the same date as the due date in each successive month. In addition, a refund or credit shall be made of any interest imposed upon the claimant with respect to the amount being refunded or credited.
The interest shall be paid as follows:
(a) In the case of a refund, to the last day of the monthly period following the date upon which the claimant, if he or she has not already filed a claim, is notified by the board that a claim may be filed or the date upon which the claim is approved by the board, whichever date is earlier.
(b) In the case of a credit, to the same date as that to which interest is computed on the tax or amount against which the credit is applied.
History.—Stats. 1982, Ch. 5, First Extra Session, in effect May 27, 1982, substituted "adjusted … 19269" for "rate … month" before "from" in the first paragraph. Stats. 1984, Ch. 1020, operative July 1, 1985, added "modified" before "adjusted", deleted "annual" before "rate", added "per month" before "established" and substituted "Section 6591.5" for "Section 19269". Stats. 1992, Ch. 1336, in effect January 1, 1993, substituted "first day of … In addition, a" for "due date of the return for the period for which the overpayment was made, but no" after "from the" in the first paragraph. Stats. 1996, Ch. 320, in effect January 1, 1997, deleted "or the date upon which the claim is certified to the State Board of Control, whichever date is earlier" after "may be filed" in subdivision (a). Stats. 1997, Ch. 620 (SB 1102), in effect January 1, 1998, substituted "last day of the monthly period" for "15th day of the calendar month" after "refund, to the", added ", if he or she has not already filed a claim," after "which the claimant", and added "or the date … date is earlier" after "may be filed" in subdivision (a).