{"code":"RTC","codeName":"Revenue and Taxation Code","section":"12414","citation":"Rev. & Tax. Code, § 12414","status":"in-force","lawOn":"2026-09-28","headings":[{"name":"DIVISION 2. OTHER TAXES [6001. - 61050.]","url":"https://blackletter.si/revenue-and-taxation-code/division-2"},{"name":"PART 7. INSURANCE TAXATION [12001. - 13170.]","url":"https://blackletter.si/revenue-and-taxation-code/division-2/part-7"},{"name":"CHAPTER 4. Assessment and Effect of Tax [12301. - 12495.]","url":"https://blackletter.si/revenue-and-taxation-code/division-2/part-7/chapter-4"},{"name":"ARTICLE 2. Initial Assessments [12411. - 12414.]","url":"https://blackletter.si/revenue-and-taxation-code/division-2/part-7/chapter-4/article-2"}],"history":"Added by Stats. 1961, Ch. 740.","effective":null,"html":"<p>In making an initial assessment the board may offset an overpayment for one calendar year against an underpayment for another calendar year, against penalties, and against any interest on an underpayment.</p>","text":"In making an initial assessment the board may offset an overpayment for one calendar year against an underpayment for another calendar year, against penalties, and against any interest on an underpayment.","otherVersions":[],"url":"https://blackletter.si/revenue-and-taxation-code/initial-assessments-12414","source":"California Legislative Information bulk export (pubinfo)"}