California – Bill Exempts Payment of Minimum Annual Franchise Tax Payment

Assembly Bill 85 (Chapter 2020-08) signed by the governor and effective June 29 exempts a limited partnership, limited liability company and limited liability partnership that files, registers or organizes to do business in California from payment of the annual minimum franchise tax of $800.00 in its first taxable year for tax years beginning January 1, 2020 and before January 1, 2024.