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Today, Senator Steven Choi, Ph.D. (R-Irvine), presented Senate Bill 347, State Annual Tax Reduction for Small Businesses, to the Senate Revenue and Taxation Committee. SB 347 will reduce state annual tax for every limited liability company (LLC), limited liability partnership (LLP) and limited partnership from $800 to $600 per taxable year.
“SB 347 will make operating as a small business in California more affordable. I appreciate the committee’s support of this bipartisan measure,” said Senator Choi.
Existing law imposes an annual tax to operate a business in the state to all limited partnerships, limited liability partnerships, and limited liability companies doing business in California. The next stop for SB 347 is the Senate Committee on Appropriations.