What they do have, however is called the "Franchinse Tax" which is based on the
amount of capital and surplus.
DESCRIPTION:
The 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 DATE:
A 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.
RATE:
Greater 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. .
----- Original Message -----
From: "Dana Tierney" <[EMAIL PROTECTED]>
To: "CF-Community" <[EMAIL PROTECTED]>
Sent: Friday, October 17, 2003 3:00 AM
Subject: Texas corporation question
| Anyone know anything about corporate taxes in Texas? I thought there
| weren't any but if I am reading the state's website correctly there seem to
| be taxes, though not a corporate income tax per se...
|
| Dana
|
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