Texas franchise tax due May 17 ...

This release crossed the LMT Business desk this afternoon, so I'm passing it along to you:

AUSTIN — Texas Comptroller Susan Combs reminds business owners they have one more week to file their state franchise tax. Franchise tax reports are due on May 17.

"This is the third year for businesses to file under the revised franchise tax law," Combs said. "To ease the tax burden on small businesses, the Legislature last year raised the threshold for owing franchise tax from $300,000 to $1 million in total revenue. We have many resources available to help franchise taxpayers with any questions they may have before the filing deadline."

Taxpayers can get more information about the franchise tax at http://www.window.state.tx.us/taxinfo/franchise/index.html, or the Comptroller’s franchise tax experts can answer taxpayer questions at (800) 252-1381.

Franchise taxpayers who are unable to file their reports on or before May 17 may request an extension of time to submit their final reports.