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.
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