Corporation taxes: annual and minimum franchise tax: single-member limited liability company or single-owne...
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AB 2929 — Corporation taxes: annual and minimum franchise tax: single-member limited liability company or single-owner corporation: tax reduction.
Last action — Referred to Com. on REV. & TAX.
No card. One bill, free forever — alerts when it moves.
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✓Introduced
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2In Committee
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3Passed Assembly
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4Passed Senate
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5To Executive
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6Enacted
This bill died with 2019-2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.
Summary
Existing income tax laws impose a minimum franchise tax 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 registered, qualified to transact business, or doing business in this state, as specified. This bill, for taxable years beginning on or after January 1, 2021, would provide that a single-owner corporation, as defined, or a single-member limited liability company, as defined, is not subject to the minimum franchise tax or annual tax in the company's first taxable year. The bill would subject those entities to an annual increase in those taxes by $200 commencing in the second taxable year, and every taxable year thereafter, until the entity is subject to 100% of those taxes. The bill would require the Franchise Tax Board to administer the tax reduction on a first-come-first-served basis, as provided, and limit the total reduction provided for each tax to $100,000,000 per taxable year. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements. The bill also would include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.
Bill Text
What changed in the latest version
1 added · 1 removed1 line(s) added, 1 removed.
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- Introduced 02/21/20 - Introduced Current pdf February 21, 2020
- AB2929 View text html
Action History
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Referred to Com. on REV. & TAX.
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Read first time.
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From printer. May be heard in committee March 23.
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Introduced. To print.
Sponsors
- Al Muratsuchi · Cosponsor
- Joaquin Arambula · Primary
Sponsorship breakdown
Export CSV (upgrade) →1 sponsors · 1 co-sponsors · 120 not signed on
Sponsors (1)
- Arambula, Joaquin Democratic
Co-sponsors (1)
- Muratsuchi, Al Democratic
Not signed on (120)
120 members have not signed on to this bill.
Show all 120 →"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.
Subjects
Frequently asked questions
- What does AB 2929 do?
- Existing income tax laws impose a minimum franchise tax 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 registered, qualified to transact business, or doing business in this state, as specified. This bill, for taxable years beginning on or after January 1, 2021, would provide that a single-owner corporation, as defined, or a single-member limited liability company, as defined, is not subject to the minimum franchise tax or annual tax in the company's first taxable year. The bill would subject those entities to an annual increase in those taxes by $200 commencing in the second taxable year, and every taxable year thereafter, until the entity is subject to 100% of those taxes. The bill would require the Franchise Tax Board to administer the tax reduction on a first-come-first-served basis, as provided, and limit the total reduction provided for each tax to $100,000,000 per taxable year. Existing law requires any bill authorizing a new tax expenditure to contain, among other things, specific goals, purposes, and objectives that the tax expenditure will achieve, detailed performance indicators, and data collection requirements. The bill also would include additional information required for any bill authorizing a new tax expenditure. This bill would take effect immediately as a tax levy.
- Who sponsors AB 2929?
- AB 2929 is sponsored by Muratsuchi, Al (Democratic) and Arambula, Joaquin (Democratic).
- What is the current status of AB 2929?
- This bill died with 2019-2020 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
- Where can I track AB 2929?
- Track AB 2929 free on One Click Politics — get push/email alerts when it moves.
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