Who files Texas franchise tax?

the Texas Comptroller
The Texas Franchise Tax is levied annually by the Texas Comptroller on all taxable entities doing business in the state. The tax is based upon the entity’s margin, and can be calculated in a number of different ways. Each business in Texas must file an Annual Franchise Tax Report by May 15 each year.

What is a combined group Texas franchise tax?

Taxable entities that are part of an affiliated group engaged in a unitary business must file a combined group report in lieu of individual reports. The combined group is a single taxable entity for purposes of calculating franchise tax due and completing the required tax reports.

Do general partnerships file Texas franchise tax?

The following entities do not file or pay franchise tax: sole proprietorships (except for single member LLCs); general partnerships when direct ownership is composed entirely of natural persons (except for limited liability partnerships);

Who Must File Texas Public Information report?

Information Reports: Corporations, LLCs, Limited Partnerships, Professional Associations and financial institutions must file the Public Information Report (PIR). All other entity types must file the Ownership Information Report (OIR).

What is Texas Margin tax?

New “Margin” Tax. The new Texas margin tax is imposed on more types of entities, has a different starting point (revenue), is imposed at a rate of 1% (0.5% for wholesale and retail sellers only), and allows deductions from revenue for either (a) cost of goods sold or (b) compensation.

Are trusts required to file Texas franchise tax return?

Yes. The legal formation of an entity – not an entity’s treatment for federal income tax purposes – determines filing responsibility for Texas franchise tax. Are grantor trusts subject to the franchise tax? Yes, unless the grantor trust qualifies as a passive entity or as a nontaxable entity under TTC 171.0002(c)(1).