Rev. & Tax. Code, § 12104 · Article 2. Basis of Tax for Ocean Marine Insurance
Rev. & Tax. Code, § 12104
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
If the insurer has transacted ocean marine insurance in this State in each of the three calendar years immediately preceding the year in which a tax return is required to be filed, the tax shall be computed as follows:
(a) Divide the average annual premiums of the insurer from ocean marine insurance written by it in this State during the preceding three calendar years by the average annual premiums of the insurer from all ocean marine insurance written in the United States during such calendar years.
(b) Multiply the insurer’s average annual underwriting profit from ocean marine insurance written within the United States during the preceding three calendar years by the figure derived in (a).
(c) Multiply the amount derived in (b) by 5 percent.
Notes and commentary — not statutory text
History
Added by Stats. 1961, Ch. 740.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=RTC§ionNum=12104.
- Text hash
- sha256 93529d2cd27fc4fe358e9b155b367a8bb2e82220cc40713996b8cb30ea6f8846
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
Cited by 1 provision
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Revenue and Taxation Code
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