SB 347: Annual tax: partnerships and LLCs.

An act to amend certain sections of the revenue and taxation code, relating to taxation, to take effect immediately, tax levy. This bill reduces the annual tax on limited partnerships, limited liability partnerships, and limited liability companies to $600 for taxable years beginning on or after January 1, 2026, and before January 1, 2031. The tax reduction applies to partnerships and LLCs doing business in the state. The bill includes additional information required for any new tax expenditure, such as specific goals, purposes, and objectives, detailed performance indicators, and data collection requirements. This bill would take effect immediately as a tax levy.