Texas Comptroller Issues Tax Rates, Thresholds, Deduction Limits for Franchise Tax Reports

The Texas Comptroller of Public Accounts Dec. 1 issued information on tax rates, thresholds, and deduction limits for franchise tax reports due in 2008 through 2023 for corporate income tax purposes. Franchise tax rates, thresholds, and deduction limits vary by report year. Taxpayers must use the rate that corresponds to the year for which they are filing. The comptroller includes: 1) the no tax due threshold is $1.23 million for 2022 and 2023 and $1.18 million for 2020 and 2021; 2) the tax rate for retail or wholesale is 0.375 percent and 0.75 percent for other than retail or wholesales; ...