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What is Franchise Tax? The Texas franchise tax is a privilege tax imposed on each taxable entity formed or organized in Texas or doing business in Texas. For general information, see the Franchise Tax Overview.
The Texas franchise tax is a privilege tax imposed on each taxable entity formed or organized in Texas or doing business in Texas. What does an entity file if it is ending its existence or no longer has nexus?
Learn how to resolve this issue and ensure your franchise tax account is current. If your entity's annualized total revenue for the 2024 report year is at or below the no tax due threshold of $2,470,000, you are not required to file a return, but you still must file either a Public Information Report or an Ownership Information Report.
Entities Subject to Franchise Tax. Each taxable entity formed in Texas or doing business in Texas must file and pay franchise tax. These entities include: corporations; limited liability companies (LLCs), including single member LLCs (SMLLCs) and series LLCs; banks; state limited banking associations; savings and loan associations; S corporations;
According to the Texas Comptroller, the franchise tax is “Texas’ primary tax on business.” For the most part, if you’re required to collect and remit Texas sales tax, you’d also have a Texas franchise tax obligation.
If your business operates in Texas, the Texas Franchise Tax is something you must be aware of and comply with. Understanding how this tax works, including filing deadlines and penalty fees, can save your organization time and money in the long run.
What entities are subject to the franchise tax? The revised franchise tax applies to partnerships (general, limited and limited liability), corporations, LLCs, business trusts, professional associations, business associations, joint ventures and other legal entities.
Check current franchise tax account standing, view and print a certificate of account status (good standing) or look up a Texas franchise taxpayer ID number. Any entity’s account status that is in “temporary good standing” will be updated when the franchise tax report is processed to the account.
The Texas Franchise Tax is levied annually by the Texas Comptroller on taxable entities doing business in the state that make over $2.47 million in annual revenue. The tax is based upon the entity’s margin and can be calculated in a number of different ways.
Step-by-step instructions for filing the Texas Franchise Tax with the Texas Comptroller. Find due dates, get account status and more.