California 2015-2016 Regular Session Status: In Committee 1 R cosponsors

AB 328 — Minimum franchise tax: annual tax: exemption: veteran-owned small businesses.

Last action — From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Assembly
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2015-2016 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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 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 exempts a corporation that incorporates or qualifies to do business in this state from the payment of the minimum franchise tax in its first taxable year. 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. In addition, existing law requires every limited liability company if the articles of organization have been accepted by, or a certificate of registration has been issued by, the Secretary of State to pay an annual tax in an amount equal to the minimum franchise tax. This bill, for taxable years beginning on or after January 1, 2016, would additionally eliminate that minimum franchise tax, in the 2nd and 3rd taxable years, for a corporation that is a new veteran-owned small business, and that annual tax, in the first 3 taxable years, for a limited liability company that is a new veteran-owned small business, as defined. This bill would take effect immediately as a tax levy.

Bill Text

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1 added · 1 removed

1 line(s) added, 1 removed.

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Action History

  1. From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.

  2. Died pursuant to Article IV, Sec. 10(c) of the Constitution.

  3. Retained in suspense file.

  4. In committee: Set, second hearing. Referred to REV. & TAX. suspense file.

  5. In committee: Set, first hearing. Hearing canceled at the request of author.

  6. Referred to Com. on REV. & TAX.

  7. From printer. May be heard in committee March 19.

  8. Read first time. To print.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 121 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (121)

121 members have not signed on to this bill.

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"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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation veterans
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does AB 328 do?
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 exempts a corporation that incorporates or qualifies to do business in this state from the payment of the minimum franchise tax in its first taxable year. 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. In addition, existing law requires every limited liability company if the articles of organization have been accepted by, or a certificate of registration has been issued by, the Secretary of State to pay an annual tax in an amount equal to the minimum franchise tax. This bill, for taxable years beginning on or after January 1, 2016, would additionally eliminate that minimum franchise tax, in the 2nd and 3rd taxable years, for a corporation that is a new veteran-owned small business, and that annual tax, in the first 3 taxable years, for a limited liability company that is a new veteran-owned small business, as defined. This bill would take effect immediately as a tax levy.
Who sponsors AB 328?
AB 328 is sponsored by Grove, Shannon (Republican).
What is the current status of AB 328?
This bill died with 2015-2016 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 328?
Track AB 328 free on One Click Politics — get push/email alerts when it moves.

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