California Assembly Bill AB2512 Introduced / Bill

 BILL NUMBER: AB 2512INTRODUCED BILL TEXT INTRODUCED BY Assembly Member Skinner FEBRUARY 24, 2012 An act to amend Section 19135 of the Revenue and Taxation Code, relating to taxation. LEGISLATIVE COUNSEL'S DIGEST AB 2512, as introduced, Skinner. Income taxes: limited liability company: penalties. The Corporation Tax Law imposes taxes measured by income at a specified rate. Existing law provides that, whenever any foreign corporation that fails to qualify to do business in this state or whose powers, rights, and privileges have been forfeited, or any domestic corporation that has been suspended, and that is doing business in this state fails to make and file a return, provided, the Franchise Tax Board shall impose a penalty of $2,000 per taxable year, as specified. This bill would also make this penalty applicable to a foreign limited liability company which fails to qualify to do business in this state or whose powers, rights, and privileges have been forfeited and to a domestic limited liability company which has been suspended and which is doing business in this state, as specified. Vote: majority. Appropriation: no. Fiscal committee: yes. State-mandated local program: no. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 19135 of the Revenue and Taxation Code is amended to read: 19135. Whenever any foreign corporation  which   or any foreign limited liability company that  fails to qualify to do business in this state or whose powers, rights, and privileges have been forfeited, or any domestic corporation  which   or any domestic limited liability company that  has been suspended, and which is doing business in this state, within the meaning of Section 23101, fails to make and file a return as required by this part, the Franchise Tax Board shall impose a penalty of two thousand dollars ($2,000) per taxable year, unless the failure to file is due to reasonable cause and not willful neglect. The penalty shall be in addition to any other penalty which may be due under this part. The penalty shall be imposed if the return is not filed within 60 days after the Franchise Tax Board sends the taxpayer a notice and demand to file the required tax return.