CA AB318

Conforms California's definition of "legal holiday" for Personal Income Tax Law and Corporation Tax Law purposes to federal income tax law under Internal Revenue Code Section 7503

Extends the $2,000 per taxable year penalty for failing to file required tax returns to foreign limited liability companies that fail to qualify or lose privileges in California and domestic limited liability companies that have been suspended

Penalty applies when entities doing business in California fail to file within 60 days of receiving notice and demand from the Franchise Tax Board, unless failure is due to reasonable cause and not willful neglect

Penalty is imposed in addition to any other applicable penalties under Corporation Tax Law