- 1200 Enterprise Lane Sulphur Springs, TX 75482

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(903) 439-0101

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 – .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 |
Property
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- 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 .
- Total Revenue X 70 percent
- Total Revenue minus Cost of Goods Sold (most manufacturers)
- Total Revenue minus Compensation
- Allowable cost associated with the Cost of Goods Sold
- Labor
- Materials
- Handling Costs
- Storage and warehousing costs
- Depreciation
- Renting or leasing equipment and facilities
- Repairing and maintaining equipment and facilities
- Research, engineering and design costs
- Taxes paid in acquiring materials for production
- Electricity
- 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
Tax Questions: tax.help@cpa.state.tx.us