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CA SB347
Bill
Status
Failed
2/2/2026
Primary Sponsor
Steven Choi
Click for details
AI Summary
- Reduces the annual tax for limited partnerships, limited liability partnerships, and limited liability companies in California from $800 to $600 for taxable years beginning January 1, 2026, through December 31, 2030
- Applies to all LPs, LLPs, and LLCs doing business in California or registered with the Secretary of State
- Requires the Franchise Tax Board to submit annual reports to the Legislature starting April 1, 2028, on the number of partnerships and LLCs affected by the tax reduction
- Takes effect immediately as a tax levy, with a stated goal of making California's business environment more competitive for these business entities
Legislative Description
Annual tax: partnerships and LLCs.
Last Action
Returned to Secretary of Senate pursuant to Joint Rule 56.
2/2/2026
Committee Referrals
Appropriations1/14/2026
Revenue and Taxation4/2/2025
Rules2/12/2025
Full Bill Text
No bill text available