CA AB2495

Exempts qualified new corporations incorporated or qualified to do business in California on or after January 1, 2015, from the minimum $800 franchise tax for their first 5 consecutive taxable years.

Exempts foreign and domestic limited partnerships, limited liability partnerships, and limited liability companies that file their organizing or registration documents with the Secretary of State on or after January 1, 2015, from annual tax obligations for their first 5 consecutive taxable years.

Exemption does not apply to entities that reorganize solely to avoid paying their annual or minimum franchise tax.

Takes effect immediately as a tax levy.