Upcoming Changes to No Tax Due Threshold Reporting

Article | March 08, 2024 | Atchley & Associates LLP

Texas Franchise Tax Reports are annual filings required by the Texas Comptroller of Public Accounts for businesses operating within the state of Texas.

In July 2023, Senate Bill 3 passed, increasing the no tax due threshold and eliminating reporting requirements for certain entities. For franchise tax purposes, the Comptroller's office made some changes to reports originally due on or after January 1, 2024. 

Here is some essential information:

No-Tax-Due Threshold Increase - Businesses are not required to file a No Tax Due Information Report if their annualized total revenue is less than or equal to the no-tax-due threshold of $2,470,000.

Public Information Report (PIR) - Businesses are still required to submit a Form 05-102, Public Information Report, providing information about the business’s officers or directors and the registered agent by May 15, 2024.

New Veteran-Owned Businesses - A qualifying new veteran-owned business is no longer required to file a No Tax Due Report during its initial five-year period.

If you have any questions regarding your reporting requirements, please reach out to us.

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