Long famous for its 20-year-old anti-littering campaign ad “Don’t Mess With Texas,” the Lone Star State has always been more than just catchy phrases.
The ones more likely to know this are the businesses that have operated in Texas because of its low corporate tax atmosphere. Unfortunately for those businesses, business taxation in Texas changed dramatically last month. This new tax, the Franchise Margin Tax (“margin tax”), will be imposed for returns due on or after Jan. 1, 2008. It will impose a 1 percent tax of an entity’s “taxable margin,” which is its total revenue minus allowable deductions.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]