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|Has image=File:Texas_franchise_tax.png
Texas Franchise Tax (view source)
Revision as of 13:40, 21 September 2020
, 13:40, 21 September 2020no edit summary
{{Project|Has project output=Content,Guide|Has sponsor=McNair ProjectsCenter
|Has title=Texas Franchise Tax
|Has owner=Cindy Ryoo
|Has start date=October 30, 2017
|Has keywords=Texas, franchise , tax, small businesses, Greg Abbott
|Has project status=Active
}}
=OverviewProject Description=
The Texas Franchise Tax is a business tax imposed on all companies and corporations in return for state liability protections for doing business in the state. In 2006, the tax was rewritten in attempts to raise annual state revenue. In 2015, Governor Greg Abbott signed a legislative bill to decrease tax rates by 25%. These changes to the franchise tax make Texas a favorable business climate in terms of taxes, especially for smaller corporations.
=Progress Report=
Currently waiting on feedback from Anne to make edits.
=Project Data Location=
E:\McNair\Projects\Texas Franchise Tax
=Dependencies=
None.
=What is the Texas Franchise Tax?=
*eliminate tax planning opportunities
*raise roughly $3 billion in new state revenue annually
Before these sweeping changes, the franchise tax only applied to corporations and limited liability companies (LLC). After 2006, the tax not only extended to partnerships and professional associations but also became a mixture of a tax on gross receipts as well as income, without fulling transforming into either of the two types of taxes. []
==2015==
