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A franchise tax is a government levy (tax) charged by some US states to certain business organizations such as corporations and partnerships with a nexus in the state. A franchise tax is not based on income. Rather, the typical franchise tax calculation is based on the net worth of capital held by the entity.
The primary duties of the comptroller's office are to collect substantially all tax revenue owed to the State of Texas (this involves more than 60 different types of taxes from the sales tax-- the largest source of the state's tax revenue, since Texas does not have a personal income tax-- to minor items such as the "battery sales fee" -- a $2–$3 fee on sales of lead-acid batteries) and to ...
Texas franchise tax exemption doubles. ... the state's franchise tax exemption will double, allowing up to $2.47 million of an entity's total taxable revenue to be exempted from franchise taxes ...
Corporate tax is imposed in the United States at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Since January 1, 2018, the nominal federal corporate tax rate in the United States of America is a flat 21% following the passage of the Tax Cuts and Jobs Act of 2017.
Texas – no individual income tax but imposes a franchise tax on corporations. In May 2007, the legislature modified the franchise tax by enacting a modified gross margin tax on certain businesses (sole proprietorships and some partnerships were automatically exempt; corporations with receipts below a certain level were also exempt as were ...
Texas is one of only 7 states not to have a state income tax. [22] [23] The state sales tax rate, 6.25%, is above the national medium, with localities adding up to 2% (8.25% total). [24] Texas does have a "back to school" sales tax holiday once a year (generally around the first weekend in August) on clothing and footwear under $100. [25]
Website. www.libertytax.com. Liberty Tax, is a chain of franchise and company-owned locations that provide tax preparation services. It is known for its wavers, people in Statue of Liberty costumes and Uncle Sam costumes, used as a form of guerrilla marketing. [2] It is the third largest institutional tax preparation service provider in the ...
Constitution of Texas (2022) at Wikisource. The Constitution of the State of Texas is the document that establishes the structure and function of the government of the U.S. state of Texas, and enumerates the basic rights of the citizens of Texas. The current document was adopted on February 15, 1876, and is the seventh constitution in Texas ...