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SB-349 Minimum franchise tax.(2019-2020)

Senate:
1st
Cmt
2nd
3rd
Pass
Pass
Veto
Assembly:
1st
Cmt
2nd
3rd
Pass
Bill Status
SB-349
Portantino (S)
Ramos (A)
-
Minimum franchise tax.
03/22/19
An act to amend Sections 17935, 17941, 17948, and 23153 of the Revenue and Taxation Code, relating to taxation, to take effect immediately, tax levy.
Senate
09/13/19
09/05/19

Type of Measure
Active Bill - In Floor Process
Majority Vote Required
Non-Appropriation
Fiscal Committee
Non-State-Mandated Local Program
Urgency
Tax levy
Last 5 History Actions
Date Action
10/13/19 In Senate. Consideration of Governor's veto pending.
10/13/19 Vetoed by the Governor.
09/19/19 Enrolled and presented to the Governor at 3 p.m.
09/11/19 Assembly amendments concurred in. (Ayes 40. Noes 0. Page 2866.) Ordered to engrossing and enrolling.
09/11/19 Ordered to special consent calendar.
Governor's Veto Message
To the Members of the California State Senate:

I am returning Senate Bill 349 without my signature.

This bill would reduce the minimum franchise tax (MFT) for corporations that have less than $15 million in gross receipts, as specified.

The intent of this measure is to provide tax relief for smaller California businesses and to encourage economic growth. Both are important goals which I support, and helping small businesses is certainly a priority I share with the Legislature. However, this proposal would be better addressed through the annual budget process.

Sincerely,





Gavin Newsom