Tx Franchise Tax Instructions 2024. Franchise tax is a privilege tax imposed on each taxable entity and a “franchise” is the right granted to an entity to market their goods or services. This legislation brings pivotal changes effective from january 1, 2024, including a raised no tax due threshold and modified reporting requirements for specific.

Select state & local, then texas franchise tax. 1, 2024, a taxable entity whose annualized total revenue is less than or equal to $2.47 million is no longer required to file a no tax due report which will save businesses time.