Al Muratsuchi
- Democratic
- Assemblymember
- District 66
Author
The Corporation Tax Law imposes a tax according to or measured by net income, computed at a specified rate upon the basis of the net income for that taxable year, on every corporation, except as provided. Existing law, generally, also imposes a minimum franchise tax of $800, except as provided, on every corporation incorporated in this state, qualified to transact intrastate business in this state, or doing business in this state, and an annual tax in an amount equal to the minimum franchise tax on every limited partnership, limited liability partnership, and limited liability company registered, qualified to transact business, or doing business in this state, as specified. Existing law exempts, for taxable years beginning before January 1, 2018, a corporation and a limited liability company that are small businesses solely owned by a deployed member of the United States Armed Forces from paying the minimum franchise tax or the annual tax for any taxable year the owner is deployed and the limited liability company operates at a loss or ceases operation. This bill would extend the minimum franchise tax and annual tax exemptions for a corporation and a limited liability company that are small businesses solely owned by a deployed member of the United States Armed Forces for taxable years beginning on or after January 1, 2020, and before January 1, 2030. This bill would take effect immediately as a tax levy. This bill would incorporate additional changes to Sections 17941 and 23153 of the Revenue and Taxation Code proposed by SB 349 to be operative only if this bill and SB 349 are enacted and this bill is enacted last.
Approved by the Governor.
Chaptered by Secretary of State - Chapter 421, Statutes of 2019.
Enrolled and presented to the Governor at 3:30 p.m.
Senate amendments concurred in. To Engrossing and Enrolling. (Ayes 78. Noes 0. Page 3406.).
Assembly Rule 77 suspended. (Page 3370.)
Read third time. Passed. Ordered to the Assembly. (Ayes 40. Noes 0. Page 2747.).
In Assembly. Concurrence in Senate amendments pending. May be considered on or after September 12 pursuant to Assembly Rule 77.
Read second time. Ordered to third reading.
Read third time and amended. Ordered to second reading.
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 7. Noes 0.) (August 30).
From committee: Do pass and re-refer to Com. on APPR. (Ayes 6. Noes 0.) (June 25). Re-referred to Com. on APPR.
Read second time and amended. Re-referred to Com. on V.A.
From committee: Amend, and do pass as amended and re-refer to Com. on V.A. (Ayes 6. Noes 0.) (June 12).
In Senate. Read first time. To Com. on RLS. for assignment.
Read third time. Passed. Ordered to the Senate. (Ayes 77. Noes 0. Page 1794.)
Read second time. Ordered to third reading.
From committee: Do pass. (Ayes 18. Noes 0.) (May 16).
In committee: Set, first hearing. Referred to APPR. suspense file.
Coauthors revised.
From committee: Do pass and re-refer to Com. on APPR. (Ayes 10. Noes 1.) (April 8). Re-referred to Com. on APPR.
In committee: Hearing for testimony only.
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.
In committee: Set, first hearing. Hearing canceled at the request of author.
From printer. May be heard in committee March 1.
Read first time. To print.
| Bill Text Versions | Format |
|---|---|
| AB308 | HTML |
| 01/29/19 - Introduced | |
| 03/18/19 - Amended Assembly | |
| 03/25/19 - Amended Assembly | |
| 06/13/19 - Amended Senate | |
| 09/06/19 - Amended Senate | |
| 09/16/19 - Enrolled | |
| 10/02/19 - Chaptered |
| Document | Format |
|---|---|
| No related documents. |
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