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Harris Texas online Form 1065: What You Should Know

The state corporation returns for the Texas Franchise Tax are available for download HERE. What is a franchise tax? A franchise tax is a tax on the franchise of any domestic or foreign partnership with a principal place of business in Texas. If there is more than one taxpayer for the partnership, the portion of the contract that is subject to a franchise tax is the responsibility of the taxpayer with the most units within the partnership, called the “main partner” by the IRS. This tax was originally imposed on all partnerships in Texas. After 1976, this tax was changed to tax only the main partner in Texas. In Texas, this tax applies to non-foreign partnerships. The main and non-main partners may have to file separate Franchise Tax forms but only if they are a domestic partnership and that means that they must meet the following income or asset criteria: The main partner is a Texas resident who is domiciled here, The non-main partner is a nonresident of Texas and not a domestic partner, The non-main partner does not have any non-domiciliary assets in Texas, Any of the main partners' income or non-income, net of certain allowances, taxable in Texas is included in the calculation of the total partnership taxable income in Texas, as well as Texas passive income tax, and passive activity taxes. There's another type of partnership called a partnership in a foreign jurisdiction. In that case, the primary partners, the persons who form the partnership, will have to register in Texas as a Texas partnership.

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