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 ?
27, 'the entire gross gaming receipts/earnings or the agreed or predetermined minimum monthly revenues/income from gaming operations under existing rules, whichever is higher, shall be subject to a franchise tax of 5 percent, in lieu of all kinds of taxes, levies, fees or assessments of any kind, nature or description.
Dumping the franchise tax will increase pressure for the state to find money elsewhere or to accelerate the shifting of the financial load from the state to local property taxpayers.
Several states impose a capital-based franchise tax in addition to a corporate income tax.
Pagcor chairman and chief executive said that agency wants its gaming revenues to be exempted from income tax because it is already subject to franchise tax as well as 50 percent deduction by the Bureau of Treasury.
Most corporations pay the minimum franchise tax rate of $150.
Ohio enacted the CAT in 2005 "on each person with taxable gross receipts for the privilege of doing business in this state" as part of a major reform that included a reduction of personal income tax rates and gradual repeal of personal property taxes and a previous corporate franchise tax.
On June 27, 2009, Tax Executives Institute filed the following comments with the Republican and Democratic leaders of the House and Senate Finance Committees of the North Carolina General Assembly concerning North Carolina Senate Bill 202, relating to a bill that would expand the State's franchise tax to pass-through entities and implement a "throwback rule" for taxpayers selling tangible products from locations in North Carolina to States in which they have no income tax reporting obligations.
Archibald's financial penalties include a $10,000 fine, and he was ordered to pay $155,000 restitution to Casden Properties and $25,780 to the state Franchise Tax Board.
The 2005/2006 New York State Budget Act marks the end of the long-standing four-factor formula used in computing the business allocation factor for the corporation business franchise tax under Article 9-A of the New York Tax Law and the entire net income (ENI) allocation percentage for the bank franchise tax under Article 32.
Currently, most companies pay a corporate franchise tax in Texas.
The California Franchise Tax Board points out that electronic filing of state income taxes jumped 54 percent from last year.
According to Siegler a major concern of the organization is the inconsistent method by which the franchise tax is computed in New York City.