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News Release from Comptroller Susan Combs

For Immediate Release
April 18, 2008

Comptroller’s Office Reminds Dallas Taxpayers
to Register for Franchise Tax Seminars

(AUSTIN) — The Texas Comptroller of Public Accounts reminds new and existing franchise taxpayers to attend a free seminar in Dallas on April 23 that will address the Legislature’s revisions to the tax.

“Business taxpayers need to become familiar with the revised franchise tax and prepare for approaching filing deadlines,” Texas Comptroller Susan Combs said. “May 15 is the first statewide franchise tax due date since these changes took effect.”

The seminar will take place on the Southern Methodist University campus, in the Hughes-Trigg Student Center Theater, located at 3140 Dyer St.

The seminar is scheduled from 9 a.m. to 4 p.m. and will be taught by the agency’s franchise tax experts who will also be available to answer questions. The morning session will consist of an overview presentation about the new margin calculation, along with detailed explanations about entities subject to the tax; the revised tax base; tax rates; EZ computation; discounts; no tax due qualifications; determining total revenue and exclusions from revenue; cost of goods sold deductions; compensation deductions; gross receipts and apportionment; combined reporting; business loss credit; and new administrative rules.  The afternoon session will concentrate on how to complete franchise tax reporting forms.

For complete information about the seminar, visit the Comptroller’s Web site at www.window.state.tx.us/taxinfo/franchise/ft_tour_0408.html. Advance reservations are required.  To reserve a seat, send an e-mail to rsvp.dallas@cpa.state.tx.us.

During the last year, agency experts have spoken at industry conferences and to taxpayers groups, hosted 10 taxpayer seminars throughout Texas and conducted a dozen Webinars to inform taxpayers about changes to the franchise tax. The Texas Legislature revised the tax by changing the tax base and the tax rate and extending coverage to most legal entities. About 200,000 new entities will have to file franchise tax reports for the first time this year.

Forms to report the revised Texas franchise tax based on the new margin calculation are now available online at www.window.state.tx.us/taxinfo/taxforms/05-forms.html.

Answers to franchise tax questions can be found at www.window.state.tx.us/taxinfo/franchise/ or by calling (800) 252-1381.

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Find details on all the services of the Comptroller’s office at www.window.state.tx.us, including a transparent look at state spending at www.window.state.tx.us/wherethemoneygoes.

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