Texas Comptroller Announces Updates to Franchise Tax Exemption for Veteran-Owned Businesses

The Texas Comptroller of Public Accounts announced that the Texas legislature has repealed the requirement for new veteran-owned businesses to file no tax due reports and public or ownership information reports during their initial five-year franchise tax exemption period. This applies to franchise tax reports originally due on or after Jan. 1, 2024. To qualify for the exemption, veteran business owners must obtain verification letters from the Texas Veterans Commission, submit certification forms to the Comptroller’s office, and properly register their businesses with either the Secretary of State or Comptroller. [Tex. Comptroller of Pub. Accts., New Veteran-Owned Businesses and Texas ...