Today the California Senate passed SB 1501, which would allow entities to qualify to make the passthrough entity tax election even if they do not satisfy the June 15 prepayment requirement. This is the first step toward the bill’s enactment. Next it will be sent to the Assembly and, if passed by the Assembly, it still must be signed by the Governor.
Taxpayers and tax professionals who would like to see this bill passed should contact their state assembly members as well as the Governor’s office.
The text of the bill is available at:
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