franchise tax

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Noun1.franchise tax - a tax that is imposed by states on corporations; it depends both on the net worth of the corporation and on its net income attributable to activities within the state
revenue enhancement, tax, taxation - charge against a citizen's person or property or activity for the support of government
References in periodicals archive ?
Corporations can pay their franchise taxes online by visiting the Secretary of State's website at SoS.
For example, in California this is accomplished by filing Form 3500A, Submission of Exemption Request, and attaching a copy of the organization's federal determination letter; North Carolina requires a tax-exempt organization to send the Department of Revenue a copy of its articles of incorporation and bylaws to demonstrate its exempt purpose before it will grant an exemption from North Carolina income and franchise taxes.
Businesses pay more than $9 billion in franchise taxes every biennium, nearly double the size of the tax cut proposals that have been offered by either chamber.
For instance, a number of states levy both income and franchise taxes on corporations.
In a dispute in which the state argued that the taxpayer had to likewise use formulary apportionment in computing the receipts factor for apportioning franchise taxes, the taxpayer argued that because franchise tax liability is based on capital employed in the state and, unlike income tax liability, is not affected by expenses, it should not be required to use the apportionment formula to determine its franchise tax liability simply because its inability to directly account for Mississippi expenses necessitated its use of the formula to determine its income tax liability.
The Internal Revenue Service disallowed the deductions for such franchise taxes on the grounds that an accrual was not permitted by section 461(d) and the pertinent regulations.
Gross receipts and franchise taxes represent about 14 percent of each bill customers receive from NJNG and other public utilities regulated by the New Jersey Board of Regulatory Commissioners.
Last year, the Arkansas Secretary of State's office introduced an online system that allowed businesses in the state to file their yearly franchise taxes over the Internet.
99-126,(22) the Tax Commissioner addressed the deductibility of the Illinois and Ohio franchise taxes.
Board in 1994 due to the failure to pay franchise taxes.
To begin with, unlike the tax involved in Metropolitan Life, the corporate franchise taxes are imposed by the state constitution.
Other taxes to be converted jointly by Taxation and Andersen Consulting are the employer withholding, motor vehicle fuel, and corporate franchise taxes.