CaliforniaAnnual tax: partnerships and LLCs.
What it does
Existing law imposes an annual 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 doing business in this state, as specified.
More detail
This bill, for taxable years beginning on or after January 1, 2026, and before January 1, 2031, would reduce the annual tax on every limited partnership, limited liability partnership, and limited liability company to $600.
Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements.
This bill also would include additional information required for any bill authorizing a new tax expenditure.
This bill would take effect immediately as a tax levy.
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Where it stands
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Looking ahead
No hearings or votes scheduled.
History
- 2026
- Feb 2Returned to Secretary of Senate pursuant to Joint Rule 56.Latest
- Jan 22January 22 hearing: Held in committee and under submission.
- Jan 21Set for hearing January 22.
- Jan 20January 20 hearing: Placed on APPR. suspense file.
- Vote recorded Placed on suspense file. Result: pass.Upper
- Jan 15Set for hearing January 20.
- Jan 15Read second time and amended. Re-referred to Com. on APPR.Major
- Jan 14From committee: Do pass as amended and re-refer to Com. on APPR. (Ayes 5. Noes 0. Page 3225.) (January 14).Major
- Vote recorded Do pass as amended, but first amend, and re-refer to the Committee on [Appropriations]. Result: pass.Upper
- Jan 5From committee with author's amendments. Read second time and amended. Re-referred to Com. on REV. & TAX.Major
- 2025
- Dec 23Set for hearing January 14.
- May 7From committee with author's amendments. Read second time and amended. Re-referred to Com. on REV. & TAX.Major
- May 7May 14 set for first hearing canceled at the request of author.
- Apr 4Set for hearing May 14.
- Apr 2Re-referred to Com. on REV. & TAX.Minor
- Mar 26From committee with author's amendments. Read second time and amended. Re-referred to Com. on RLS.Major
- Feb 19Referred to Com. on RLS.Minor
- Feb 13From printer. May be acted upon on or after March 15.
- Feb 12Introduced. Read first time. To Com. on RLS. for assignment. To print.Introduced