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Business Taxes Law Guide – Revision 2024
 

Tax on Insurers Law

Revenue and Taxation Code

Division 2. Other Taxes
Part 7. Insurance Taxation

Chapter 7. Cancellations and Refunds*

Article 2. Refund or Credit for Collected Taxes²

Section 12983


12983. Interest; insurers. [Repealed by Stats. 2013, Ch. 33 (SB 78) in effect June 27, 2013.]


Text of Section Operative July 1, 2012, Through June 30, 2013

12983. Interest; insurers. (a) Interest shall be allowed upon the amount of any overpayment of tax by an insurer or Medi-Cal managed care plan pursuant to this part 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 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.

(b) The interest shall be paid as follows:

(1) In the case of a refund, to the last day of the calendar month following the date upon which the claimant is notified in writing that a claim may be filed or the date upon which the claim is approved by the board, whichever date is the earlier.

(2) 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.

(c) This section shall be operative on July 1, 2012, and become inoperative on July 1, 2013. As of January 1, 2015, this section shall be repealed.

History—Added by Stats., 2013, Ch. 33 (SB 78), in effect June 27, 2013, but operative July 1, 2012.


Text of Section Operative July 1, 2013

12983. Interest; insurers. (a) Interest shall be allowed upon the amount of any overpayment of tax by an insurer pursuant to this part 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 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.

(b) The interest shall be paid as follows:

(1) In the case of a refund, to the last day of the calendar month following the date upon which the claimant is notified in writing that a claim may be filed or the date upon which the claim is approved by the board, whichever date is the earlier.

(2) 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.

(c) This section shall become operative on July 1, 2013.

History—Added by Stats., 2013, Ch. 33 (SB 78), in effect June 27, 2013, but operative July 1, 2013.


* Stats. 1961, p. 1990, operative January 1, 1962, amended the title of Chapter 7 from "corrections" to "cancellations and refunds".

² Stats. 1961, p. 1990, operative January 1, 1962, amended the title of Article 2 from "Credit for Collected Taxes" to "Refund or Credit for Collected Taxes".