Laws, Regulations and Annotations
Business Taxes Law Guide – Revision 2022
Hazardous Substances Tax Law
Revenue and Taxation Code
Division 2. Other Taxes
Part 22. Hazardous Substances Tax Law
Chapter 3. Determinations
Article 1. Returns and Payments
43155.5. Interest; daily basis. [Repealed by Stats. 2016, Ch. 264 (AB 2201), in effect January 1, 2017.]
43155.5. Interest; daily basis. (a) If the department finds, taking into account all facts and circumstances, that it is inequitable to compute interest at the modified adjusted rate per month or fraction thereof, as defined in subdivision (b) of Section 6591.5, interest shall be computed at the modified adjusted daily rate from the date on which the tax or prepayment was due until the date of payment, if all of the following occur:
(1) The payment of tax or the prepayment was made one business day after the date the tax or prepayment was due.
(2) The person was granted relief from all penalties that applied to that payment of tax or prepayment.
(3) The person files a request for an adjustment.
(b) For purposes of this section, "modified adjusted daily rate" means the modified adjusted rate per annum as defined in subdivision (a) of Section 6591.5 determined on a daily basis by dividing the modified adjusted rate per annum by 365.
(c) For purposes of this section, "department" means the California Department of Tax and Fee Administration.
(d) For purposes of this section, "business day" means any day other than a Saturday, Sunday, or any day designated as a state holiday.
(e) This section shall not apply to any payment made pursuant to a deficiency determination, a determination where no report or return has been filed, or a jeopardy determination issued by the department.
(f) This section shall only apply to electronic payments or prepayments of taxes.
History—Added by Stats. 2016, Ch. 264 (AB 2201), in effect January 1, 2017. Stats. 2021, Ch. 432 (SB 824), in effect January 1, 2022, substituted "department" for "board" in subdivisions (a) and (e), substituted "adjustment" for "oral hearing before the board" after "request for an" in paragraph (a)(3), and substituted "For purposes of this section, 'department' means the California Department of Tax and Fee Administration." for "For purposes of this section, 'board' means the members of the State Board of Equalization meeting as a public body." in subdivision (c).
Note.—Sec. 1, Stats. 2010, Ch. 316 (SB 1028) provides the following: "It is the intent of the Legislature that California's penalty and interest provisions foster and maintain the current high level of compliance, provide appropriate costs and sanctions for noncompliance, and provide a reasonable and administrable degree of latitude for individual taxpayer circumstances and errors. It is the intent of the Legislature in enacting this act, that the State Board of Equalization strictly and narrowly apply its provisions on a case-by-case basis and only in special circumstances."