Bill > SB1501

This bill would, for taxable years beginning on or after January 1, 2024, and before January 1, 2026, authorize a partnership or "S" corporation to elect to pay an elective tax under the Small Business Relief Act without making a required prepayment on or before June 15 if the taxpayer pays the full amount of the elective tax on or before the due date of the original return. The bill would also impose interest on the amount of the prepayment that was unpaid or underpaid, and allow a reduced tax credit for taxpayers whose entity does not make the prepayment or makes a payment that is less than the required amount.

Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202320240SB1501