Franchise Tax Permit Holders in Palestine, Texas

What is Texas Franchise Tax?
The Texas franchise tax is a privilege tax imposed on each taxable entity formed or organized in Texas or doing business in Texas.
Franchise tax reports are due on May 15 each year. If May 15 falls on a Saturday, Sunday or legal holiday, the next business day becomes the due date.

Who should file Texas Franchise Tax?
Each taxable entity formed in Texas or doing business in Texas must file and pay franchise tax. These entities include:

• corporations
• limited liability companies (LLCs), including series LLCs
• banks
• state limited banking associations
• savings and loan associations
• S corporations
• professional corporations
• partnerships (general, limited and limited liability)
• trusts
• professional associations
• business associations
• joint ventures; and
• other legal entities.