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Business Taxes Law Guide – Revision 2022
 

Timber Yield Tax Law

Revenue and Taxation Code

Division 2. Other Taxes
Part 18.5. Timber Yield Tax

Chapter 5. Determinations

Article 6. Interest and Penalties

Section 38451.5


38451.5. 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 Section 6591.5, interest shall be computed at the modified adjusted daily rate from the date on which the tax was due until the date of payment, if all of the following occur:

(1) The payment of the tax was made one business day after the date the tax was due.

(2) The person was granted relief from all penalties that applied to that tax payment.

(3) The person files a request for an adjustment.

(b) For purposes of this section:

(1) "Business day" means any day other than a Saturday, Sunday, or any day designated as a state holiday.

(2) "Department" means the California Department of Tax and Fee Administration.

(3) "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) This section shall not apply to any payment made pursuant to a deficiency determination, a determination if no return has been filed, or a jeopardy determination issued by the department.

(d) This section shall apply only to electronic payments of taxes.

History—Added by Stats. 2021, Ch. 432 (SB 824), in effect January 1, 2022.