Laws, Regulations and Annotations


Business Taxes Law Guide—Revision 2024

Tax on Insurers Law

Revenue and Taxation Code

Division 2. Other Taxes
Part 7. Insurance Taxation

Chapter 4. Assessment and Effect of Tax*

Article 4. Effect of Tax

Section 12495

12495. No dissolution or bankruptcy discharge until taxes paid. No court shall make and enter a final discharge in bankruptcy or decree of dissolution, nor shall any county clerk or the Secretary of State file a discharge, decree, or any other document by which the term of existence of a corporation or surplus line broker's business is reduced, or a surplus line broker's assets are transferred to a new owner until all taxes, interest, penalties, and costs are paid and discharged.

History—Added Stats. 1941, Ch. 113, operative July 1, 1943. Stats. 1959, p. 1892, in effect April 1, 1959, inserted "interest," between "taxes," and "penalties." Stats. 2005, Ch. 231 (AB 1424), in effect January 1, 2006, added "or surplus line broker's business" after "existence of a corporation", added "a surplus line broker's assets are transferred to a new owner" and deleted "terminated" after "existence of a corporation is reduced, or."

* Stats. 1961, p. 1984, operative January 1, 1962, amended the title of Chapter 4 by substituting "Effect of Tax" for "Levy".