Texas Comptroller Updates Franchise Tax Credit Application Guidance

The Texas Comptroller of Public Accounts published the updated guidance regarding the proper order of application for franchise tax credits and credit carryforwards when taxable entities have multiple credits available. The memo adds the Strong Families Credit and Sub chapter T research and development credit to existing guidance and establishes that taxpayers may choose the order of application for their 2008 Temporary Credits and research and development credits, with the default being earliest expiration date to latest expiration date, while other credits must be applied in a specific hierarchical order with research and development credits applied first, followed by Clean ...