AB 754: Taxation.

The Corporation Tax Law imposes a franchise tax measured by, or according to, net income of a corporation doing business within the limits of this state, including a minimum franchise tax on specified corporations, as provided. The provisions of the Personal Income Tax Law generally apply to the income of an individual or partnership, imposing a tax on individuals at graduated rates.

This bill would declare the intent of the Legislature to subsequently amend this bill to include provisions that would provide tax relief to small businesses conducting business in Los Angeles County during the period of disruption caused by specified transit-related construction activities, conducted by the Los Angeles County Metropolitan Transportation Authority, and resulting in decreased business revenue.