Income taxes: minimum franchise tax.

The Corporation Tax Law imposes taxes measured by income, as specified. The Corporation Tax Law 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 a tax in an amount equal to the minimum franchise tax on every limited liability company registered, qualified to transact business, or doing business in this state, as specified. The bill would reduce the annual minimum franchise tax to $700 for taxable years beginning on or after January 1, 2013. This bill would take effect immediately as a tax levy.