Section 685.5 - [See Note] Reduction in gross premiums tax rateThe reduction in the gross premiums tax rate made by Section 12202.2 of the Revenue and Taxation Code shall not be considered in any determination by the Insurance Commissioner to impose or enforce a tax under the retaliatory tax provisions of Sections 685 to 685.4, inclusive, and reported pursuant to Sections 12281, 12287, 12288, and 12289 of the Revenue and Taxation Code.
Added by Stats 2016 ch 2 (SB X2-2),s 2, eff. on the later of July 1, 2016, or the effective date of the federal approval necessary for receipt of federal financial participation in conjunction with the tax assessed pursuant to Article 6.7 (commencing with Section 14199.50) of Chapter 7 of Part 3 of Division 9 of the Welfare and Institutions Code. This section ceases to be operative the first day of the state fiscal year beginning on or after the effective date of a final judicial determination made by any court of appellate jurisdiction that Section 685.5 of the Insurance Code, Section 12202.2 or 24330 of the Revenue and Taxation Code, or the tax assessed pursuant to Article 6.7 (commencing with Section 14199.50) of Chapter 7 of Part 3 of Division 9 of the Welfare and Institutions Code, cannot be implemented.