California Revenue and Taxation Code

§ 41060

RTC § 41060 Effective Jan 1, 2022Div. 2 · Part 20 · Ch. 4 · Art. 1.1

Statute text

(a)Any service supplier whose estimated surcharge liability under this part averages twenty thousand dollars ($20,000) or more per month, as determined by the department pursuant to methods of calculation prescribed by the department, shall remit amounts due by an electronic funds transfer under procedures prescribed by the department.

(b)Any service supplier whose estimated surcharge liability under this part averages less than twenty thousand dollars ($20,000) per month may elect to remit amounts due by electronic funds transfer with the approval of the department.

(c)Any service supplier remitting amounts due pursuant to subdivision (a) or (b) shall perform electronic funds transfer in compliance with the due dates set forth in Article 1 (commencing with Section 41050). Payment is deemed complete on the date the electronic funds transfer is initiated if settlement to the state’s demand account occurs on or before the banking day following the date the transfer is initiated. If settlement to the state’s demand account does not occur on or before the banking day following the date the transfer is initiated, payment is deemed to occur on the date settlement occurs.

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Legislative history

Amended by Stats. 2021, Ch. 432, Sec. 74. (SB 824) Effective January 1, 2022.