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Taxes

Tax Summary

Sales Tax 6.25% - State
2.0% - Local
8.25% - Total
Fuel Taxes 38.4¢ per gallon - Gas
44.4¢ per gallon - Diesel
Personal Income Tax None
Franchise Tax Primary Rate - 1%
Retail/Wholesale trades - 5%
Community Activity Tax None
Personal Property Tax $2.49/$100 Valuation
Corporate Property Tax $2.49/$100 Valuation
Unemployment Insurance Tax Range .51-7.35%
2.7% for new employer 
Wage limit: $9,000
Business Friendly Yes
Worker's Comp Insurance Not Required
.40 per $100 of covered wages
2014 State Business Tax Climate Index Rank: 11th
Average Cost for Industrial Electricity Industrial: 5.8¢/kWh
Commercial: 7.96¢/kWh
Cost of Living by ACCRA NE Texas - 88.8%
Unionization-Private Right-to-Work State
2.6% fee
State Income Tax None

 

Sales

Taxes
Sales Tax
City County State Special Purpose
% .5 % 6.25 % .5 %

 

Property

Taxes
Property Tax
Taxing Entity* Tax Rate / Per $100**
Hopkins County $0.560575
Sulphur Springs, City $0.439200
Sulphur Springs ISD $1.360480
Hopkins County Hospital District $0.213636
Total/$100 Valuation $2.573891
*Not all taxes would apply. Depends on location of business or home
**All Property is Assessed @ 100% Valuation
 

 

Franchise Tax

  • It is a tax on the total revenues of a company .
  • Total revenues is defined for a corporation as sum of lines 1C and fines 4-10 from Form 1120 US Corporate Income Tax
  • The tax rate is 1%, however there is a standard deduction of 30% of the total revenue so worst case is actually 0.7%
  • Only revenues generated by sales in Texas are subject to the tax (sales outside the State of Texas are not included)
  • If total revenues from Texas sales are less than $1 million there is no tax
  • Sole proprietorship are not subject to the tax
  • Partnerships where all partner (regardless of number) are living persons (not LLP, etc.) are not subject to the tax . Example a law firm where there are 300 partners and 1,000 employees and they are all living persons. They are not subject to the tax.
  • If total revenues are less than $10 million in Texas they can file on the E-Z Form and pay a 0.5% rate (or 1/2 of 1%).
  • There are three methods of reducing the total revenue line for the calculation .
  1. Total Revenue X 70 percent
  2. Total Revenue minus Cost of Goods Sold (most manufacturers)
  3. Total Revenue minus Compensation
  • Allowable cost associated with the Cost of Goods Sold
  1. Labor
  2. Materials
  3. Handling Costs
  4. Storage and warehousing costs
  5. Depreciation
  6. Renting or leasing equipment and facilities
  7. Repairing and maintaining equipment and facilities
  8. Research, engineering and design costs
  9. Taxes paid in acquiring materials for production
  10. Electricity
  11. And many others

Susan Combs Texas Comptroller
Post Office Box 13528, Capitol Station Austin, Texas 78711-3528
 
 
Comptroller's Website: www.window.state.tx.us
Call toll free: (800) 252-1381
 
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