Corporation tax: minimum franchise tax.

The Corporation Tax Law imposes upon a corporation doing business in this state, for the privilege of exercising its corporate franchises within this state, a tax according to or measured by its net income for that taxable year, but not less than the minimum franchise tax of $800, as specified. This bill, for taxable years beginning on and after January 1, 2020, would repeal the minimum franchise tax imposed upon a corporation doing business in the state. This bill would take effect immediately as a tax levy.