Laws, Regulations and Annotations

Business Taxes Law Guide—Revision 2024

38423. Interest. The amount of the determination, exclusive of penalties, shall bear interest at the modified adjusted rate per month, or fraction thereof, as defined in Section 6591.5, from the last day of the month following the quarterly period for which the amount or any portion thereof should have been returned until the date of payment.

History—Stats. 1982, Ch. 5 (First Extra Session), in effect June 1, 1982, substituted "adjusted annual rate established pursuant to Section 19269" for "rate of 1 percent per month, or fraction thereof," after "interest at the". Stats. 1996, Ch. 1087, in effect January 1, 1997, substituted "Section 19521" for "Section 19269" after "established pursuant to". Stats. 2021, Ch. 432 (SB 824), in effect January 1, 2022, added "modified" after "interest at the", deleted "annual" after "adjusted", substituted "per month, or fraction thereof, as defined in" for "established pursuant to" after "rate", and substituted "6591.5," for "19521" after "Section".

Note.—Section 89 of Stats. 1982, Ch. 5 (First Extra Session) provided that the provisions of this act shall apply to all interest and additions to tax accruing on or after the effective date of this act.