Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2010
 

Tax on Insurers Law

Chapter 3. All Insurance Other Than Ocean Marine.

Article 5. Prepayments*

Section 12257

12257. Overpayment. (a) If the total amount of prepayments for any calendar year exceeds the amount of annual tax for that year, the excess shall be treated as an overpayment of annual tax and, at the election of the insurer or Medi-Cal managed care plan, may be credited against the amounts due and payable for the first prepayment of the following year. Any amount of the overpayment not so credited shall be allowed as a credit or refund under Article 2 (commencing with Section 12977) of Chapter 7 of this part.

(b) This section shall remain in effect only until January 1, 2011, and as of that date is repealed.

History.—Added by Stats. 1984, Ch. 39, effective March 19, 1984, added "at the election . . . credited shall" after "annual tax and". Stats. 2009, Ch. 157 (AB 1422), in effect September 22, 2009, designated the first sentence as subdivision (a) and added "or Medi-Cal managed care plan" after "election of the insurer" in subdivision (a); and added subdivision (b).

Text of section operative January 1, 2011

12257. Overpayment. (a) If the total amount of prepayments for any calendar year exceeds the amount of annual tax for that year, the excess shall be treated as an overpayment of annual tax and, at the election of the insurer, may be credited against the amounts due and payable for the first prepayment of the following year. Any amount of the overpayment not so credited shall be allowed as a credit or refund under Article 2 (commencing with Section 12977) of Chapter 7 of this part.

(b) This section shall become operative on January 1, 2011.

History.—Added by Stats. 2009, Ch. 157 (AB 1422), in effect September 22, 2009, but operative January 1, 2011.

* Article 5 was added by Stats. 1969, p. 1473, in effect August 14, 1969, operative January 1, 1970.