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:
Tully, (34) a case involving a franchise 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.
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