Minimum annual tax: exemptions: corporations.

Existing law, generally, imposes a 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 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 would, for the first 10 taxable years of a corporation, limited partnership, limited liability partnership, and limited liability company that is a small business, as defined, and that first commences business operations on or after January 1, 2011, and before January 1, 2016, reduce that minimum tax, as provided. This bill would take effect immediately as a tax levy.