Get Form 05 177

Penalties and Interest A $50 penalty is assessed on each report filed after the due date. If tax is paid 1-30 days after the due date, a 5 percent penalty is assessed. If tax is paid over 30 days after the due date, a 10 percent penalty is assessed.

Each taxable entity formed in Texas or doing business in Texas must file and pay franchise tax.

Form 05 102 Texas is a state tax return form. All Texans must file this in April, even those that do not owe taxes. If you've been looking how to get this form, you have clicked the right link.

Information Reports: Corporations, LLCs, Limited Partnerships, Professional Associations and financial institutions must file the Public Information Report (PIR). All other entity types must file the Ownership Information Report (OIR).

Tax Rates, Thresholds and Deduction Limits ItemAmountNo Tax Due Threshold$1,000,000Tax Rate (retail or wholesale)0.5%Tax Rate (other than retail or wholesale)1.0%Compensation Deduction Limit$320,0002 more rows

Form 05-102 - Texas Franchise Tax Public Information Report — Each corporation, LLC, limited partnership, professional association, and financial institution that has a franchise tax responsibility must file a Public Information Report (PIR) to satisfy their filing obligation.

A nonprofit corporation organized under the Development Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil Statutes) is exempt from franchise and sales taxes. The sales tax exemption does not apply to the purchase of an item that is a project or part of a project that the corporation leases, sells or lends.

A nonprofit corporation organized under the Development Corporation Act of 1979 (Article 5190.6, Vernon's Texas Civil Statutes) is exempt from franchise and sales taxes. The sales tax exemption does not apply to the purchase of an item that is a project or part of a project that the corporation leases, sells or lends.