Texas Governor Signs Law Providing Franchise Tax, Fee Exemptions for New Veteran-Owned Businesses

The Texas Governor June 16 signed a law providing exemptions from franchise tax and fees for qualifying businesses owned by veterans, for corporate income tax and excise tax purposes. The law includes measures: 1) amending the Business Organizations Code and the Tax Code to provide for a waiver of filing fees and for a franchise tax exemption for new veteran-owned businesses, until Jan. 1, 2026; 2) defining new veteran-owned business; 3) authorizing the Comptroller of Public Accounts to require new veteran-owned businesses that qualify for the franchise tax exemption to file an information report stating the taxable entity’s beginning date; ...