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SMALL BUSINESS NEWS

10 Oct 2016

 

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Veteran Entrepreneurs Exempt From Franchise Tax

New veteran-owned businesses that are formed or begin doing business in the state of Texas on or after January 1, 2016 will be entitled to a tax break.  They will not be required to pay the Franchise Tax.

To qualify as a veteran-owned business the owner(s) must be veterans who served in and was honorably discharaged from a branch of the United States armed forces.  The owners must provide verification to the state comptroller in order to be certified.

Veteran-owned businesses will enjoy this tax break status for a period of 5 years or sooner if the business ceases to qualify as a veteran-owned entity.

The annual franchise tax report is due every year on May 15th.  The rates are as follows:               

Item

Amount

No Tas Due Threshold   

$1,110,000

Tax Rate (Retail or Wholesale)  

0.375%

Tax Rate (other than Retail or Wholesale)

0.75%

 

Sources:
S.B. No. 1049
Texas Franchise Tax


By Wendy Stewart

 

 

 

 

 

 

 

 

 

 
 

 

  
 

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