Minimum franchise tax.

Existing law imposes an annual 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 an annual tax in an amount equal to the minimum franchise tax on every limited partnership, limited liability partnership, and limited liability company doing business in this state, as specified. This bill, for taxable years beginning on or after January 1, 2020, would reduce the minimum franchise tax, as provided, based on the gross receipts of the corporation, but would continue to impose the current amount of the annual tax on every limited partnership, limited liability partnership, and limited liability company doing business in this state. This bill would take effect immediately as a tax levy.