Laws, Regulations & Annotations

Business Taxes Law Guide – Revision 2014
 

Oil Spill Response, Prevention, and Administration Fees Law

Revenue and Taxation Code

Chapter 1. General Provisions and Definitions

Section 46012

46012. "Designated amount." "Designated amount" means an amount equal to one hundred nine million seven hundred fifty thousand dollars ($109,750,000), subject to the following:

(a) Fifty-four million eight hundred seventy-five thousand dollars ($54,875,000) shall be retained in the Oil Spill Response Trust Fund as cash.

(b) Fifty-four million eight hundred seventy-five thousand dollars ($54,875,000) shall be accessible in the Oil Spill Response Trust Fund in the form of financial security obtained by the Treasurer.

History.—Stats. 1993, Ch. 1190, in effect October 11, 1993, added ", adjusted for inflation," after "Fifty million dollars ($50,000,000)" in subdivision (b). Stats. 1995, Ch. 940, in effect January 1, 1996, substituted "one hundred nine million seven hundred fifty thousand dollars ($109,750,000)" for "one hundred million dollars ($100,000,000), adjusted for inflation after January 1, 1991" after "amount equal to" in the first paragraph; substituted "Fifty-four million eight hundred seventy-five thousand dollars ($54,875,000)" for "Fifty million dollars ($50,000,000)" before "shall be retained" and deleted ", adjusted for inflation" after "Fund as cash" in subdivision (a); substituted "Fifty-four million eight hundred seventy-five thousand dollars ($54,875,000)" for "Fifty million dollars ($50,000,000), adjusted for inflation" before "shall be accessible" in subdivision (b); and added subdivision (c). Stats. 1996, Ch. 362, in effect January 1, 1997, deleted a comma after "($54,875,000)" in subdivision (b) and deleted subdivision (c) which read: "Commencing June 30, 2003, the amounts designated in this section shall be adjusted for inflation as specified in paragraph (3) of subdivision (h) of Section 8670.48 of the Government Code."