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Business Taxes Law Guide—Revision 2024
Timber Yield Tax Law
Revenue and Taxation Code
Division 2. Other Taxes
Part 18.5. Timber Yield Tax
Chapter 7. Overpayments and Refunds
Article 1. Claim for Refund
Section 38606
38606. Interest. Interest shall be paid upon any overpayment of any amount of tax at the modified adjusted rate per month, or fraction thereof, as defined in Section 6591.5, from the last day of the calendar month following the quarterly period for which the overpayment was made; but no refund or credit shall be made of any interest imposed upon the person making the overpayment with respect to the amount being refunded or credited.
The interest shall be paid as follows:
(a) In the case of a refund, to the last day of the calendar month following the date upon which the person making the overpayment, if the person has not already filed a claim, is notified by the department that a claim may be filed or the date upon which the claim is approved by the department, whichever date is the earlier.
(b) In the case of a credit, to the same date as that to which interest is computed on the tax or amount against which the credit is applied.
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" after "tax at the" in the first paragraph. Stats. 1996, Ch. 1087, in effect January 1, 1997, substituted "Section 19521" for "Section 19269" after "established pursuant to" in the first sentence; added "as follows" after "shall be paid", substituted "he or she" for "he" in subdivision (a). Stats. 2021, Ch. 432 (SB 824), in effect January 1, 2022, added "modified" after "tax at the", deleted "annual" after "adjusted", substituted "per month, or fraction thereof, as defined in" for "established pursuant to", and substituted "6591.5," for "19521" after "Section" in the first paragraph; substituted " the person" for "he or she" after "the overpayment, if" and substituted "department" for "board" in subdivision (a).
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.