Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2010
 

Tax on Insurers Law

Chapter 4. Assessment and Effect of Tax*

Article 3. Deficiency Assessments

Section 12421

12421. Determination of correct amount of tax. (a) As soon as practicable after an insurer's,deletion surplus line broker's, or Medi-Cal managed care plan's return is filed, the commissioner shall examine it, together with any information within his or her possession or that may come into his or her possession, and he or she shall determine the correct amount of tax of the insurer,deletion surplus line broker, or Medi-Cal managed care plan.

(b) This section shall remain in effect only until January 1, 2011, and as of that date is repealed.

History.—Added by Stats. 1961, p. 1985, operative January 1, 1962. Stats. 1995, Ch. 721, in effect January 1, 1996, substituted "an insurer's or surplus line broker's" for "the" after "as practicable after", added "or her" after "information within his" and after "come into his", added "or she" after "possession, and he", and added "or surplus line broker" after "of the insurer". Stats. 2009, Ch. 157 (AB 1422), in effect September 22, 2009, designated the first sentence as subdivision (a), added a comma and deleted "or" before "surplus line broker" twice, and added ", or Medi-Cal managed care plan after "surplus line broker" twice in subdivision (a); and added subdivision (b).

Text of section operative January 1, 2011

12421. Determination of correct amount of tax. (a) As soon as practicable after an insurer's or surplus line broker's return is filed, the commissioner shall examine it, together with any information within his or her possession or that may come into his or her possession, and he or she shall determine the correct amount of tax of the insurer or surplus line broker.

(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.

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