Present law levies a tax in the amount of $400 per year on the privilege of engaging in the profession of lobbyist, agent, broker-dealer, investment adviser, or attorney. This bill phases out the professional privilege tax so that the privilege tax imposed will be: (1) $400 for any tax year ending on or before May 31, 2024; (2) $200 for the tax year ending on May 31, 2025; (3) $100 for the tax year ending on May 31, 2026; and (4) Zero dollars for any tax year ending on or after May 31, 2027. This bill specifies that the professional privilege tax will not be levied on or after June 1, 2026. However, a taxpayer remains liable for a professional privilege tax duly levied during a tax year ending before June 1, 2026.