CA AB2458

Amends Section 17942 of the Revenue and Taxation Code to modify penalty payment requirements for limited liability companies subject to annual fees.

For small businesses (those with total income less than $500,000), penalties imposed for underpayment of estimated fees are due 60 days from notification of the penalty, rather than being immediately added to the fee.

Small business penalty provision applies only to penalties imposed on or after January 1, 2011 and before January 1, 2016.

Maintains existing annual fee structure ranging from $900 to $11,790 based on total income thresholds, with estimated payments due by the 15th day of the sixth month of the taxable year.