Franchise Tax (Corporate and Bank)
|
at a glance...DescriptionThe Texas franchise tax is a privilege tax imposed on each corporation and limited liability company chartered/organized in Texas or doing business in Texas. For franchise tax purposes, the term "corporation" also includes a bank, state limited banking association, savings and loan association, limited liability company, professional limited liability company, a corporation that elects to be an S corporation for federal income tax purposes, and a professional corporation. Due DateA corporation's initial report is due one year and 89 days after the corporation's beginning date in Texas. Thereafter, annual reports are due each May 15. RateGreater of .25% (.0025) per year of privilege period of net taxable capital or 4.5% (.0450) of net taxable earned surplus. For the initial report, the net taxable capital rate is prorated over the initial period. Electronic ReportingNot at this time. Refer to left hand column for filing and payment information. Toll Free Number1-800-252-1381 |
Susan Combs | Window on State Government |