Limited liability companies: annual tax: microbusinesses.

Existing law imposes an annual tax in an amount equal to the minimum franchise tax, which is $800, on every limited liability company that is doing business in this state. Existing law also exempts, until taxable years beginning on or after January 1, 2018, a limited liability company that is a small business solely owned by a deployed member of the United States Armed Forces from paying 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 reduce to $100 the annual tax for microbusinesses, as defined, and would extend indefinitely the exemption for a limited liability company that is a small business solely owned by a deployed member of the United States Armed Forces. This bill would take effect immediately as a tax levy.