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Franchise Tax Notices – October 2024. Form 05-212, Texas Notice of Forfeiture of Right to Transact Business. New Filing Requirements for 2024. The no tax due threshold is increased to $2.47 million and certain filing requirements are eliminated. Read more. High Call Volume. Shorter wait times occur from 8-10 a.m. and 4-5 p.m. CST.
Effective for reports due on or after Jan.1, 2024, an entity that has annualized total revenue less than or equal to the no tax due threshold of $2.47 million is not required to file a No Tax Due Report.
2024 Reporting Due Dates for Taxes, Fees and Reports. Due dates on this chart are adjusted for Saturdays, Sundays and 2024 federal legal holidays. For applicable taxes, quarterly reports are due in April, July, October and January.
The entities that can currently file a No Tax Due Report will report, or not report, as follows, beginning with the 2024 report. Taxable entities whose annualized total revenue is at or below the no tax threshold do not owe any tax and are not required to file a franchise tax report.
In a significant update to the Texas franchise tax, Senate Bill 3, enacted during the Second Special Session of the 88th Legislature, has introduced key changes that will take effect for reports originally due on or after January 1, 2024.
The Texas franchise "margin" tax exemption (the no-tax-due threshold) has increased to $2.47 million for reports originally due on or after January 1, 2024.
The calendar year 2024 will bring multiple changes to the Texas franchise tax. Taxpayers responsible for entities operating in Texas should be aware of these rules as they plan for their filing and payment obligations in the year ahead. The no tax due threshold is increased.
Texas has increased the “no tax due” revenue threshold for the Texas Franchise Tax to $2.47 million and eliminated the requirement to file a No Tax Due Report (Form 05-163) for report years 2024 (tax year 2023) and later.
TEXAS FRANCHISE TAX FILING: Deadline Reminder: May 15. The deadline for filing your Texas franchise tax return with the Texas Comptroller’s office is Wednesday, May 15, 2024.
In July 2023, the legislature passed Senate Bill 3, which increased the no tax due threshold and eliminated reporting requirements for certain entities. In response, the Comptroller's office has changed the way some entities have to report for franchise tax purposes.