S508 - 2023 Budget Technical/Other Corrections. (SL 2024-1)

Overview: Section 11.2 of S.L. 2024-1 clarifies that the franchise tax cap on the first $1 million of C Corporation's tax base is a maximum of $500 and not a flat rate of tax.

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.