LEGISLATIVE COUNSEL'S DIGEST


SB 1028, as amended, Correa. State Board of Equalization:
administration: interest.
Existing law requires the payment of interest on late payments, or
late prepayments, of tax, fee, or surcharge payments at the modified
adjusted rate per month under the provisions of the Sales and Use
Tax Law, Motor Vehicle Fuel Tax Law, Use Fuel Tax Law, Cigarette and
Tobacco Products Tax Law, Alcoholic Beverage Tax Law, Energy
Resources Surcharge Law, Emergency Telephone Users Surcharge Act,
Hazardous Substances Tax Law, Integrated Waste Management Fee Law,
Oil Spill Response, Prevention, and Administration Fees Law,
Underground Storage Tank Maintenance Fee Law, Fee Collection
Procedures Law, Diesel Fuel Tax Law, and the law governing the
taxation of insurance companies. Interest is charged on a per-month
basis, with one month's interest charged for each month, or fraction
of a month, that a payment or prepayment is unpaid.
This bill would allow , until January 1, 2016,
the members of the State Board of Equalization, meeting as a
public body, to find, under specified circumstances, that it is
inequitable to compute interest on a monthly basis and to instead
compute interest on a daily basis. The bill would also specify
that the above provisions shall only apply to electronic payments or
prepayments of taxes, fees, and surcharges.

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Comments/questions on SB 1028 (Correa): State Board of Equalization: administration: interest.