California Statutes
§ 12104. — 12104. (Added by Stats. 1961, Ch. 740.)
California·Code RTC Revenue and Taxation Code - RTC·Div. 2. DIVISION 2. OTHER TAXES·Part 7. PART 7. INSURANCE TAXATION·Ch. 2. CHAPTER 2. Ocean Marine Insurance·Art. 2. ARTICLE 2. Basis of Tax for Ocean Marine Insurance
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.
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California § 12104. (12104. (Added by Stats. 1961, Ch. 740.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 1961, Ch. 740.