California SB347 proposes a new annual tax for partnerships and limited liability companies (LLCs) doing business in the state.

California SB347 amends the Revenue and Taxation Code to introduce a new annual tax for partnerships and limited liability companies (LLCs) operating in California. For taxable years between January 1, 2026, and January 1, 2031, limited partnerships and LLCs must pay an annual tax of $600 instead of the previously specified amount. The bill also includes provisions for tax exemptions for small businesses owned by deployed members of the United States Armed Forces under certain conditions.

California SB347 proposes a new annual tax for partnerships and limited liability companies (LLCs) doing business in the state.

California SB347 amends the Revenue and Taxation Code to introduce a new annual tax for partnerships and limited liability companies (LLCs) operating in California. For taxable years between January 1, 2026, and January 1, 2031, limited partnerships and LLCs must pay an annual tax of $600 instead of the previously specified amount. The bill also includes provisions for tax exemptions for small businesses owned by deployed members of the United States Armed Forces under certain conditions.