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California Update – Assembly Bill 85 Exempts Payment of Minimum Annual Franchise Tax Payment

July 27, 2020

California Assembly Bill 85 was signed by the governor and, effective June 29, exempts a limited partnership (LP), limited liability company (LLC) and limited liability partnership (LLP) that files, registers or organizes to do business in California from paying the annual minimum franchise tax of $800 in its first taxable year for tax years beginning January 1, 2020 and before January 1, 2024.

To read the full bill, click the link below.
=> https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB85

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