and
net taxable capital = bank balance beyond a certain level I guess?
net taxable earned surplus = adjested gross income kind?
I am comparing NM and TX in case you are wondering
Thank you Doug
Dana
Doug White writes:
> 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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