Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2010
 

Underground Storage Tank Maintenance Fee Law

Revenue and Taxation Code

Chapter 5. Overpayments and Refunds

Article 1. Claim for Refund

Section 50142.1

50142.1. Interest on overpayments. Interest shall be computed, allowed, and paid upon any overpayment of any amount of fee at the modified adjusted rate per month established pursuant to Section 6591.5, from the 26th day of the calendar month following the period during which the overpayment was made. 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 25th day of the calendar month 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 fee or amount against which the credit is applied.

History.—Added by Stats. 1990, Ch. 1366, in effect September 27, 1990. Stats. 1992, Ch. 1336, in effect January 1, 1993, substituted "26th day . . . following" for "due date of the return for the period for which the overpayment was made," but "no" after "from the" in subsection (a). Stats. 1996, Ch. 320, in effect January 1, 1997, substituted "during" for "for" after "following the period" in the first sentence of the first paragraph and 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, 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).