franchise tax


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franchise tax

n. a state tax on corporations or businesses. (See: tax, corporation)

References in periodicals archive ?
A Pogo's income from other related services or its nongaming operations, meanwhile, will be subject to normal income tax, value-added tax (VAT) and other applicable taxes, as may be deemed appropriate, the BIR said, noting that the 5-percent franchise tax in lieu of all taxes will not apply.
Both the House and Senate - in different ways - are supporting legislation that would gradually shrink and then kill the franchise tax.
Supreme Court said we have to pay income tax, but we want them to clarify which income [gaming or non-gaming] is subject to income tax because we are already paying franchise tax, and 50 percent of our revenues already go to the national treasury," Naguiat told reporters.
The CAT's enabling legislation declares that it does not violate the state constitution in this regard because it is not a sales or excise tax but a franchise tax, imposed for the privilege of doing business in Ohio.
Specifically, we comment on those provisions that would expand the State's franchise tax to all entities with limited liability (Section 27B.
The Franchise Tax Board also reviewed Archibald's tax returns for 2000 and 2001 and found that he had not reported the deposits on his tax returns, Schmidt said.
The Budget Act replaces the four-factor formula used in the corporation business franchise tax and the bank franchise tax with a single-factor, receipts-based formula.
Perry that would have reformed the corporate franchise tax and raised the state's sales tax.
Berman said he was unaware of problems with the franchise tax but he is well versed in the need for equity between apartment owners and private home owners.
A company may be able to reduce its corporate income or franchise tax by understanding the methodology each state uses in determining the receipts factor of its apportionment formula.
The Franchise Tax Board (FTB) today announced that the public is invited to attend FTB's annual Taxpayers' Bill of Rights hearing later this month.
Ultimately, Bonnen's proposal seeks to eliminate the franchise tax, which brings in nearly $8 billion every two-year budget cycle, altogether.