Who is exempt from franchise tax in Texas?

A nonprofit corporation organized under the Development Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil Statutes) is exempt from franchise and sales taxes. The sales tax exemption does not apply to the purchase of an item that is a project or part of a project that the corporation leases, sells or lends.

Does an LLC have to file Texas franchise tax?

Each taxable entity formed in Texas or doing business in Texas must file and pay franchise tax.

What is Texas Form 05 158 A?

Texas Form 05 158 A is a document that allows you to apply for an exemption from vehicle registration and taxation.

Am I required to file a Texas franchise tax return?

Texas Tax Code Section 171.001 imposes franchise tax on each taxable entity that is formed in or doing business in this state. All taxable entities must file completed franchise tax and information reports each year.

What happens if you don't file franchise tax in Texas?

Penalties and Interest A $50 penalty is assessed on each report filed after the due date. If tax is paid 1-30 days after the due date, a 5 percent penalty is assessed. If tax is paid over 30 days after the due date, a 10 percent penalty is assessed.

Does a single member LLC need to file a Texas franchise tax return?

Each taxable entity formed in Texas or doing business in Texas must file and pay franchise tax.

What happens if you don't file franchise tax Texas?

Penalties and Interest A $50 penalty is assessed on each report filed after the due date. If tax is paid 1-30 days after the due date, a 5 percent penalty is assessed. If tax is paid over 30 days after the due date, a 10 percent penalty is assessed.

Who is exempt from Texas franchise tax?

A nonprofit corporation organized under the Development Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil Statutes) is exempt from franchise and sales taxes. The sales tax exemption does not apply to the purchase of an item that is a project or part of a project that the corporation leases, sells or lends.

Get 05 158 A

RESET FORM PRINT FORM FILING REQUIREMENTS TEXAS FRANCHISE TAX REPORT - Page 1 05-158-A 9-09/4 Tcode 13230 Initial Taxpayer number Report year Due date Privilege period covered by this report Taxpayer Name Secretary of State file number or Comptroller file number Mailing address City State Country Blacken circle if this is a combined report Tiered Partnership Election see instructions ZIP Code m d y address has changed If not twelve months see ins.

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