Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2011
 

Motor Vehicle Fuel Tax Law

CHAPTER 4. LICENSES AND BONDS.1

Article 4. Security

Section 7487

7487. Security; payment on account. If, at the time a person ceases to operate under this part, the board holds a security pursuant to Section 7486 in the form of cash, or insured deposits in banks or savings and loan institutions, the security when applied to the account of the taxpayer shall be deemed to be a payment on account of any liability of the taxpayer to the Controller on the date the person ceases to operate under this part.

History.—Added by Stats. 2001, Ch. 429 (AB 309), operative January 1, 2002.

1Added by Stats. 2000, Ch. 1053 (AB 2114), operative January 1, 2002.