California Revenue and Taxation Code

§ 6591.5

RTC § 6591.5 Effective Jul 29, 1991Div. 2 · Part 1 · Ch. 5 · Art. 6

Statute text

(a)(1) For interest required to be paid to the state upon underpayments of tax to the state, “ modified adjusted rate per annum” means the adjusted annual rate established pursuant to subdivision (c), plus three percentage points.

(2)For interest required to be paid by the state upon overpayments of tax, “modified adjusted rate per annum” means the adjusted annual rate established pursuant to subdivision (d).

(b)“Modified adjusted rate per month, or fraction thereof” means the modified adjusted rate per annum divided by 12.

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Legislative history

Amended by Stats. 1991, Ch. 236, Sec. 5.2. Effective July 29, 1991.