Minimum annual tax: exemptions: corporations, LLC, limited partnerships, and limited liability partnerships.

Existing law, generally, 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 on every limited partnership, limited liability partnership, and limited liability company registered, qualified to transact business, or doing business in this state, as specified. This bill would, for each taxable year beginning on or after January 1, 2009, reduce that minimum tax to $100. This bill would take effect immediately as a tax levy.