Banking laws - Banks are not considered corporations per the revenue and taxation code. Insurance companies - are subject to a tax imposed upon insurance companies known as a Gross Premium Tax . This tax is in lieu of all other state and local taxes with the exception of real estate and motor vehicle taxes. Allocation Corporations - Corporation which do business in California and one or more states or foreign countries. These corporations can also be general, foreign or financial corporations.
Most cooperatives are in the farming industry.
Cooperatives are not taxable on income received from its members. However, they are subject to minimum tax. Domestic Corporations - Domestic Corporations include all corporations incorporated in the State of California. Foreign Corporations - Foreign corporations include all corporations incorporated in foreign countries or states other than California. Determination of tax is based on activity in California and qualification through the office of the Secretary of State.