Statutory Authority & Basics Law. California taxes C-corporations at a flat 8.84 percent on net income (10.84 percent for banks/financials) under R&TC § 23151, applied on Form 100.  Minimum Franchise Tax. Every C-corp also owes $800 each year, due with the first quarter estimate—even if inactive or loss-making.  Federal Overlay. C-corps pay IRC § 11 […]