320
edits
Changes
Jump to navigation
Jump to search
no edit summary
*eliminate tax planning opportunities
*raise roughly $3 billion in new state revenue annually
Before these sweeping changes, the franchise tax only applied to corporations and limited liability companies (LLC). After 2006, the tax not only extended to partnerships and professional associations but also became a mixture of a tax on gross receipts as well as income, withoutfulling transforming into either of the two types of taxes.
