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CA AB2048

Bill

Official Source

Status

Introduced

2/23/2012

Primary Sponsor

Tim Donnelly

Click for details

Origin

State Assembly

2011-2012 Session

AI Summary

  • Revises the definition of "modified adjusted rate per annum" to align interest on overpayments with the same rate used for underpayments under the Internal Revenue Code Section 6621(a)(2), plus three percentage points
  • Establishes semiannual rate adjustments where the January rate applies July 1 to December 31 and the July rate applies January 1 to June 30
  • Eliminates the separate provision for determining overpayment interest rates, consolidating both overpayment and underpayment calculations under a single method
  • Specifies that all interest calculations shall be computed as simple interest rather than compound interest
  • Removes obsolete subsections (c), (d), and (e) relating to the previous dual-rate system for underpayments and overpayments

Legislative Description

State Board of Equalization: administration: interest.

Last Action

In committee: Set, second hearing. Held under submission.

5/25/2012

Committee Referrals

Appropriations4/24/2012
Revenue and Taxation3/8/2012

Full Bill Text

No bill text available