Texas enacts taxpayer-friendly revisions to franchise tax
Governor Rick Perry has signed into law Texas HB 500, which provides for certain changes to the Texas franchise tax provisions.
Among other things, the legislation, signed into law on June 14, authorises an elective temporary reduction in franchise tax rates imposed on taxable margin. For reports due in 2014, the rate is reduced from .5 per cent to .4875 per cent (for retailers or wholesalers) and from 1 per cent to .975 per cent for other taxpayers. For reports due in 2015, the elective rates are further reduced to .475 per cent and .95 per cent, respectively, but only if the Comptroller of Public Accounts certifies that certain revenue estimates exceed prior estimates. These rates return to current levels for reports due after 2015.
Among other changes adopted by HB 500 is a determination that receipts from internet hosting activities will only be considered Texas receipts for purposes of applying the margin apportionment formula, if the customer is in Texas…
If you are registered and logged in to the site, click on the link below to read the rest of the DLA Piper briefing. If not, please register or sign in with your details below.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
The US Supreme Court has invalidated federal aggregate limits on individual political contributions in the case McCutcheon et al v Federal Election Commission.
Law à la Mode — April 2014: fashion flair transforms wearable technologies; delivering IT services in the retail sector; and more
DLA Piper has released the April 2014 issue of its Law à la Mode publication.
Analysis from The Lawyer
A new breed of lawyer is smoothing the path for companies entering emerging or unstable jurisdictions
The fragile refinance market is back in rude health and US-style alternative lenders are stepping up with innovative structures to sustain the recovery