Rev. & Tax. Code, § 12632 · Article 2. Interest and Penalties
Rev. & Tax. Code, § 12632
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) An insurer that fails to pay any deficiency assessment when it becomes due and payable shall, in addition to the deficiency assessment, pay a penalty of 10 percent of the amount of the deficiency assessment, exclusive of interest and penalties. The amount of any deficiency assessment, exclusive of penalties, shall bear interest at the modified adjusted rate per month, or fraction thereof, established pursuant to Section 6591.5, from the date on which the amount, or any portion thereof, would have been payable if properly reported and assessed until the date of payment.
(b) This section shall become operative on July 1, 2013.
Notes and commentary — not statutory text
History
Repealed (in Sec. 99) and added by Stats. 2013, Ch. 33, Sec. 100. (SB 78) Effective June 27, 2013. Section operative July 1, 2013, by its own provisions.
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=12632.
- Text hash
- sha256 474d08a1b6f643f34507864a7f8ca2bff725cbe9d491d5caf07660fe4f909ca5
- 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
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Revenue and Taxation Code
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