Personal Income Tax Law: Small Business Relief Act: elective tax.
It became law on Sep 28, 2022.
- Stage
- Became law
- Started in
- Senate
- Sponsor
- 1
- Latest action
- Sep 28, 2022
What it does
Existing law, the Small Business Relief Act, for taxable years beginning on or after January 1, 2021, and before January 1, 2026, authorizes a partnership or "S" corporation that meets certain other requirements to elect to pay an elective tax at a rate based on its net income, as specified, for the taxable year. The Personal Income Tax Law allows various credits against the taxes imposed by that law, including a credit against the personal income tax to a taxpayer, other than a partnership, that is a partner, shareholder, or member of an entity that elects to pay the elective tax authorized by the Small Business Relief Act, in an amount equal to a specified percentage of the partner's,…
Where it stands
This bill passed and is now law.
Introduced (Done)
Committee (Done)
Floor (Done)
Law (Done)
What moved
Who is involved
Sponsors
The lawmakers who put their names on it, lead sponsors first.
Where it goes next
Once a bill is decided, the questions are about what is done with it in California.