CA AB2131

Reduces the minimum franchise tax on corporations from $800 to $400 for taxable years beginning January 1, 2019 through December 31, 2023.

Restores the minimum franchise tax to $800 for taxable years beginning on or after January 1, 2024.

Applies to all corporations incorporated in California, qualified to transact intrastate business, or doing business in the state, with existing exemptions for credit unions and certain nonprofit cooperative associations maintained.

Takes effect immediately as a tax levy under Article IV of the California Constitution.