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LPs, LLPs, and LLCs Now Exempt from California’s Minimum Franchise Tax for First Filing Year

Certain pass-through entities filing first-year California tax returns are exempt from the state’s $800 minimum franchise tax beginning in 2021. The exemption applies to limited partnerships (LPs), limited liability partnerships (LLPs), and limited liability companies (LLCs) filing first-year returns in 2021, 2022, and 2023.
3 minute read
March 24, 2022