----- Original Message -----
From: Doug White
To: CF-Community
Sent: Friday, October 17, 2003 4:21 AM
Subject: Re: Texas corporation question
Texas does not have income taxes either personal or corporate.
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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