State
corporate income tax:
|
|
|
Rate
|
No broad
based income tax.
|
|
Agency
to which you must submit returns and
payments
|
N/A
|
|
State
personal income tax:
|
|
|
Rate
|
No
peraonal income tax
|
|
Exemptions:
type and amount
|
N/A
|
|
State
franchise tax:
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|
|
Description
The franchise tax is imposed upon all
corporations doing business in the state
or that are chartered or authorized to do
business in the state. It is a tax on the
privilege of doing business, measured by
net taxable capital and by net taxable
earned surplus which are apportioned to
Texas. Apportionment is done by using a
single gross receipts formula, and
allowable deductions apply to both the
capital and earned surplus components. The
tax rate on net capital assets is 0.25%,
or $2.50 per $1,000 of net taxable
capital. To compute taxable capital, add
the corporation's stated capital, as
defined by state law, and the
corporation's surplus. The tax rate on net
earned surplus is 4.5%. Corporations will
calculate the franchise taxes due on
taxable capital assets and on taxable
earned surplus, paying the greater of the
two accounts. There is no minimum tax, and
no taxes are due on liabilities of less
than $100.
|
Contact
|
Comptroller
of Public Accounts
|
|
State
property tax:
|
|
|
Year
|
1995
|
|
Range
of rates, low and high, per $1,000 of
assessed value
|
2.16-7.90
City
|
|
State
sales and use tax:
|
|
|
Rate
|
6.24%
|
|
Primary
tax
|
Consumer
|
|
Basis
or measure of tax
|
Sales-use:
Retail price, rentals, service
charges.
|
|
Agency
to which you must submit returns and
payments
|
Comptroller
of Public Accounts
|
|
State
gasoline tax per gallon
|
20
|
cents
|