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For reports originally due on or after Jan. 1, 2024, a taxable entity whose annualized total revenue is less than or equal to $2.47 million is no longer required to file a No Tax Due Report. However, the entity is still required to file Form 05-102, Public Information Report (PDF) or Form 05-167, Ownership Information Report (PDF).
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SIC Code: Enter the code that is appropriate for the taxable entity or the code that reflects the overall business activity of a combined group. View the 1987 Standard Industrial Classification (SIC) codes. NAICS Code: Enter the code that is appropriate for the taxable entity or the code that reflects the overall business activity of a combined gro...
Annual Report:Enter the day after the end date on the previous franchise tax report. For entities that became subject to the tax after October 3, 2009, enter the date the entity became subject to the tax. Final Report:Enter the day after the end date on the previous franchise tax report.
Annual Report:Enter the last accounting period end date for federal income tax purposes in the year before the year the report is originally due. Entities that became subject to the tax during the previous calendar year and have a federal accounting year end date that is prior to the date the entity became subject to the tax, will use the day they ...
Is this entity a passive entity as defined in Section 171.0003 of the Texas Tax Code?
1. Select Yes when the entity meets the definition of a passive entity found in Section 171.0003 of the Texas Tax Code. See instructions for Item 1 on Form 05-163 for more information.
Is this entity’s annualized total revenue below the no tax due threshold?
1. Select Yes when the entity’s total annualized revenue is less than or equal to the no tax due threshold. The no tax due threshold is as follows:
Does this entity have zero Texas gross receipts?
1. Select Yes when the entity has zero Texas gross receipts. See Form 05-158 instructions for more information.
Enter the amount of total revenue using the instructions for Items 1-10 of Form 05-158-A. Note: Passive entities, REITs and new veteran-owned businesses may enter zero. Find franchise tax formsif you cannot submit electronically.
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Do I need to file a no tax due report?
Does a taxable entity have to file a no tax due report?
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Is the no tax due report available for 2024 reports?
Effective for reports due on or after Jan.1, 2024, an entity that has annualized total revenue less than or equal to the no tax due threshold of $2.47 million is not required to file a No Tax Due Report. However, the entity is still required to file a Public Information Report (PIR) or an Ownership Information Report (OIR).
Nov 7, 2023 · Effective for reports originally due on or after January 1, 2024, L. 2023, S3 (2nd S.S.) increases the no tax due revenue threshold to $2.47 million. The bill also prohibits the Comptroller’s office from requiring taxable entities whose annualized total revenue is at or below the revenue threshold to file a No Tax Due Report (Form 05-163 ...
Jan 10, 2024 · Elimination of No-Tax-Due Reports. Starting in 2024, entities that fall below the new no-tax-due threshold will not be required to file the traditional no-tax-due report (Form 05-163). This move is designed to streamline the reporting process and reduce administrative burdens on businesses.
No Tax Due Threshold Increased to $2.47 Million. For reports originally due on or after Jan. 1, 2024, the no tax due threshold is increased to $2.47 million doubling the amount of a taxable entity's total revenue that is exempted from the franchise tax from $1.235 million which will remove 67,000 small to medium-sized business from paying the ...
