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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 5. Payment and Collection
Article 2. Interest and Penalties*
Section 12631
12631. Interest and penalty. [Repealed by Stats. 2013, Ch. 33 (SB 78) in effect June 27, 2013.]
12631. Interest and penalty. [Repealed by Stats. 2013, Ch. 33 (SB 78), effective January 1, 2015.]
12631. Interest and penalty. (a) Any insurer that fails to pay any tax, except a tax determined as a deficiency assessment by the board under Article 3 (commencing with Section 12421) of Chapter 4, within the time required, shall pay a penalty of 10 percent of the amount of the tax in addition to the tax, plus interest at the modified adjusted rate per month, or fraction thereof, established pursuant to Section 6591.5, from the due date of the tax until the date of payment.
(b) This section shall become operative on July 1, 2013.
History—Added by Stats. 2013, Ch. 33 (SB 78), in effect June 27, 2013, but operative July 1, 2013.
* Former Article 2, Suits for Taxes, was renumbered as Article 3 by Stats. 1961, p. 1988, operative January 1, 1962.