Texas Comptroller Issues Frequently Asked Questions on Franchise Tax

The Texas Comptroller of Public Accounts April 14 issued frequently asked questions (FAQs) on franchise taxes for corporate income tax purposes. The FAQs include information on: 1) the franchise taxability of a family limited partnership, sole proprietorship, non-Texas entity owning a royalty interest in an oil or gas well, and grantor trust; 2) tiered partnership provisions; 3) the calculation of total revenue; 4) exclusions and deductions available to health care providers; and 5) low-producing wells for purposes of the oil and gas revenue exclusion. [Tex. Comptroller of Pub. Accts., Comptroller’s Memo, Accession Nos. 202104017L, 202104018L, 202104019L, 04/14/21]

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