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News Release from Comptroller Susan Combs

Contact: Allen Spelce
R.J. DeSilva
(512) 463-4070

For Immediate Release
March 3, 2008

Comptroller Schedules Additional Webinars to Inform
Taxpayers About Revised Franchise Tax

(AUSTIN) — Business taxpayers with questions about the revised Texas franchise tax can learn the basics and more during four online seminars hosted by the state Comptroller’s office on Monday and Tuesday, March 17 and 18.

“The well-received response to our first series of Webinars in January and February allowed our office to expand the popular program for more taxpayers,” Texas Comptroller Susan Combs said. “Hundreds of participants signed up to become better-informed about franchise tax changes. The Webinars feature informative presentations and also offer participants the opportunity to exchange real-time questions and answers with our franchise tax experts.”

Webinars are scheduled as follows:

Monday, March 17
9 a.m. – 12 p.m. — Overview of the Revised Franchise Tax
2 – 3 p.m. — Total Revenue

Tuesday, March 18
9:30 – 10:30 a.m. — Cost of Goods Sold
1:30 – 2:30 p.m. — Compensation

Each Webinar is limited to 1,000 participants. Participants must register in advance and may choose to view all of the online presentations or select only the presentations they need. To learn the computer system requirements and to register for the Webinars, go to the link on the home page of the Comptroller’s Web site at www.window.state.tx.us/taxinfo/franchise/webinars.html.

The Overview of the Revised Franchise Tax presentation will highlight changes made to the Texas franchise tax by the Texas Legislature. The Webinar will review the entities subject to the franchise tax, the new tax base, tax rates and reporting options available to taxable entities.

The presentation on Total Revenue will focus on the computation of total revenue, which is the starting point for computing the amount of franchise tax due under the revised franchise tax. The Webinar will review all items of revenue that should be included, as well as items that may be deducted from revenue.

The presentation covering Cost of Goods Sold (COGS) will focus on the calculation of COGS, which is a factor that may be used in determining a taxable entity’s margin. The Webinar will review all allowable expenses that can be included as part of COGS, as well as items that are specifically excluded from COGS.

The session on Compensation will focus on the calculation of compensation, which is a factor that may be used in determining a taxable entity’s margin. The Webinar will review the definitions of wages and cash compensation, benefits and net distributive income along with the applicable limitations on those items.

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