Question

CA Assembly Bill 85 law

Forum|Forum|4 years ago
October 27, 2021
1 reply
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Do I need to complete an exemption form re this law? Additionally, do I just not pay the $800? I received a notice from the FTB but I'm also aware of this law, so I just want to make sure I am taking the right steps and not end up with a penalty for missing an exempt form. Thank you so much for this help.

KochuK

Hi elizamora,

Quote

This bill, for taxable years beginning on or after January 1, 2020, and before January 1, 2024, in which a specified appropriation is made in any budget measure, would exempt a limited partnership, a limited liability partnership, and limited liability company that files, registers, or organizes to do business in this state, as provided, from the payment of the annual tax in its first taxable year.

Unquote

https://leginfo.legislature.ca.gov/faces/billTextClient.xhtml?bill_id=201920200AB85

I recommend you contact the CA FTB via the phone number on the letter regarding exemption if this is your business first taxable year.

Hope the above helps.

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