HB3270 Summary

• Increases minimum base penalty for foreign corporations transacting business without authority from $200 to $500, plus increases monthly penalty from $5 to $25.

• Restricts requirement to file reports on changes in issued shares or paid-in capital to changes occurring prior to January 1, 2020 only.

• Eliminates franchise tax requirements for all corporations effective January 1, 2020, with no refunds or proration allowed for taxes due before that date.

• Replaces penalty structure for delinquent annual reports starting January 1, 2020 with flat $50 penalty plus $10 per month or part month delinquent.

• Modifies Corporate Franchise Tax Refund Fund to retain all amounts through December 31, 2021 for refunds, then transfer remaining balance to General Revenue Fund.