Limited liability companies: annual tax: proration.

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 imposes an annual tax in an amount equal to the minimum franchise tax on every limited liability company doing business in this state. This bill, upon appropriation of specified funds by the Legislature, for taxable years beginning on or after January 1, 2018, and before January 1, 2023, would prorate that annual tax for a new limited liability company, as defined, depending upon the quarter in which the company's articles of organization are filed, as provided. This bill would take effect immediately as a tax levy.