H259 - 2023 Appropriations Act. (SL 2023-134)

Overview: Section 42.6A of S.L. 2023-134 caps the franchise tax at a maximum of $500 for the first one million dollars of a C Corporation's tax base.

This section is effective for taxable years beginning on or after January 1, 2025, and applicable to the calculation of franchise tax reported on the 2024 and later corporate income tax return.