320
edits
Changes
Jump to navigation
Jump to search
no edit summary
|Has notes=Sources: Texas Taxpayers and Research Association (TTARA), NOLO
}}
The Texas Franchise Tax []is a business tax imposed on all companies and corporations in return for state liability protections. In 2006, the tax was rewritten in attempts to raise annual state revenue. Despite negative effects on large corporations, these changes seem to have a positive effect for small businesses.
=Overview=
*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 oly only extended to partnerships and professional associations but also became a mixture of a tax on gross receipts as well as income, without
