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Tax Profile - State of Texas

 

Tax Profile – State of Texas
Tax Basis Rate Agency
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

1.0% (.01) for most entities

0.5% (.005) for qualifying wholesalers and retailers

0.575% for those entities with $10 million or less in Total Revenue (annualized per 12 month period on which the report is based) electing the E-Z computation

State Comptroller’s Office
(903) 534-0333 Longview Field Office
Sales and Use Tax State Sales and Use Tax is imposed on all retail sales, leases and rentals of most goods, as well as taxable services 8.25% State Comptroller’s Office
(903) 534-0333 Longview Field Office
Inheritance Tax Estates that exceed the minimum federal estate tax filing requirement must file an Inheritance Tax return and pay any applicable tax based on the federal credit for state death taxes Taxable estate is the gross estate less allowable deductions for funeral costs, owed debts, marital and charitable deduction and any state death tax deduction then taxed as income at the Federal Income Tax Rate.
If taxable estate is more than $5,120,000 then a Federal Estate Return must be filed.
State Comptroller’s Office
(903) 534-0333 Longview Field OfficeInternal Revenue Service
Sources: State of Texas Comptroller’s Office, (www.window.state.tx.us/taxes); Internal Revenue Service (www.irs.gov), as of January 2013