franchise tax


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Franchise Tax

In the United States, a state-level tax on a businesses and partnerships registered or chartered in that state. The franchise tax is paid annually and gives a business or partnership the right to continue to operate in that state. Franchise taxes are calculated differently in each state.

franchise tax

A tax on the right of a firm to do business within a certain geographic region.
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A few of those states also have a broad-based franchise tax on gross receipts including those from items exempt from sales or use tax.
d) of the Bill, provides that noncorporate business entities must compute their franchise tax base by combining the capital accounts of their owners computed in accordance with generally accepted accounting principles.
The Senate has backed a proposal from Finance Chairwoman Jane Nelson, R-Flower Mound, that would cut the franchise tax and increase homestead exemptions to lower local school property taxes.
It should be noted that the franchise tax credit is limited to 50% of the amount of franchise tax due before any other applicable tax credits and may be carried forward for not more than 20 consecutive reports.
There are four different situations in which taxable entities filing the Texas franchise tax report will owe no tax:
The plaintiffs argued the Ohio investment tax credit was unconstitutional because it induced businesses subject to the Ohio franchise tax to invest in Ohio rather than in another state.
Franchise tax revenues have also demonstrated gains, growing 19% annually since 2001.
6 billion in franchise tax cuts over the next biennium, largely through a 25 percent across-the-board cut.
18 /PRNewswire/ -- Gil Hyatt, a Nevada inventor, scientist and engineer with over 70 patents from the United States Patent & Trademark Office to his credit, was awarded more than $388 million by a Nevada jury against the Franchise Tax Board of the State of California.
The Franchise Tax Board will follow the IRS tax shelter settlement initiative as outlined in IRS Announcement 2005-80, effectively creating the California Tax Shelter Resolution Initiative to run alongside the federal initiative.
Secretary of State Charlie Daniels' office has mailed forms to Arkansas corporations for filing annual report and franchise tax payments.