Luis Alejo
- Democratic
Author
Existing law imposes an annual minimum franchise tax, except as provided, on every corporation incorporated in this state, qualified to transact intrastate business in this state, or doing business in this state. Existing law exempts a corporation that incorporates or qualifies to do business in this state from the payment of the minimum franchise tax in its first taxable year. Existing law imposes an annual tax in an amount equal to the minimum franchise tax on every limited partnership, limited liability company, and limited liability partnership doing business in this state. In addition, existing law requires every limited partnership that has filed a certificate with the Secretary of State and every foreign limited partnership that has registered with the Secretary of State, every limited liability company if the articles of organization have been accepted by, or a certificate of registration has been issued by, the Secretary of State, and every registered limited liability partnership and every foreign limited liability partnership that has registered with the Secretary of State, to pay an annual tax in an amount equal to the minimum franchise tax. This bill would additionally exempt a corporation that incorporates or qualifies to do business in this state on or after January 1, 2015, from paying the minimum franchise tax for its second taxable year. The bill would, for each taxable year beginning on or after January 1, 2015, exempt those limited partnerships, limited liability companies, and limited liability partnerships from paying the annual tax for its first and second taxable year. This bill would take effect immediately as a tax levy.
From committee without further action.
In committee: Set, second hearing. Held under submission.
Joint Rule 62(a), file notice suspended. (Page 5065.)
In committee: Set, first hearing. Referred to APPR. suspense file.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 7. Noes 1.) (May 13). Re-referred to Com. on APPR.
In committee: Set, first hearing. Referred to REV. & TAX. suspense file.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
From committee chair, with author's amendments: Amend, and re-refer to Com. on REV. & TAX. Read second time and amended.
From printer. May be heard in committee March 14.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB1645 | HTML |
| 02/11/14 - Introduced | |
| 03/20/14 - Amended Assembly | |
| 04/21/14 - Amended Assembly |
| Document | Format |
|---|---|
| No related documents. |
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