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Business Taxes Law Guide—Revision 2024
Tax on Insurers Law
Revenue and Taxation Code
Division 2. Other Taxes
Part 7. Insurance Taxation
Chapter 3.5. Retaliatory Taxes, Licenses and Fees*
Section 12287
12287. Due date, payment, interest, and penalty. Except for the retaliatory tax due on ocean marine insurance, the retaliatory tax shall be due and payable on or before April 1 and shall be paid by remittance made payable to the Controller. Any additional retaliatory tax due on account of ocean marine insurance shall be due and payable on or before June 15 and shall be paid by remittance made payable to the Controller. If not paid on or before the due date, the amount of retaliatory tax shall bear interest at the modified adjusted rate per month, or fraction thereof, established pursuant to Section 6591.5, from April 1 (June 15 with respect to any additional ocean marine retaliatory tax) until the date of payment, and there shall be paid in addition to the tax and interest, a penalty of 10 percent of the amount of the retaliatory tax.
History—Added by Stats. 1961, p. 985, in effect March 31, 1961. Stats. 1975, Ch. 661, operative to interest accuring on or after January 1, 1976, substituted "1 percent" for "one-half of 1 percent." Stats. 1982, Ch. 5, First Extra Session, in effect May 27, 1982, substituted "adjusted … 19269" for "rate … thereof" before "from" in the second sentence. Stats. 1984, Ch. 1020, operative July 1, 1985, added "modified" before "adjusted," deleted "annual" before "rate," added "per month, or fraction thereof," before "established" and substituted "Section 6591.5" for "Section 19269" in the second sentence. Stats. 1990, Ch. 767, in effect September 13, 1990, substituted "Except for … instance, the" for "The", and "April 1" for "December 1st" in the first sentence, added the second sentence, and substituted "April 1 (June 15 … retaliatory tax)" for "December 1st" in the third sentence.
* Chapter 3.5 was added to Part 7 by Stats. 1961, p. 984, in effect March 31, 1961.