Taxes

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 – .05% 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
1 %	.5 %	6.25 %	.5 %

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

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 .

Susan Combs Texas Comptroller

Post Office Box 13528, Capitol Station Austin, Texas 78711-3528

Call toll free: (800) 252-1381