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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 7. Overpayments and Refunds

Article 2. Suit for Refund

Section 38616


38616. Interest. In any judgment, interest shall be allowed at the modified adjusted rate per month, or fraction thereof, as defined in Section 6591.5, upon the amount found to have been illegally collected from the date of payment of the amount to the date of allowance of credit on account of the judgment or to a date preceding the date of the refund warrant by not more than 30 days, the date to be determined by the California Department of Tax and Fee Administration.

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 12 percent per annum" after "allowed 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 "allowed 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", and substituted "California Department of Tax and Fee Administration" for "board".


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.