Texas HB1508 repeals the franchise tax, exempting entities from filing reports or paying taxes for the 2025 period.
Texas HB1508 repeals Chapter 171 of the Tax Code, eliminating the franchise tax. Taxable entities subject to the franchise tax on December 31, 2025, are exempt from filing a report or paying the tax for that period. The repeal does not affect the status of entities with revoked privileges, ongoing legal actions, or the rights to contest forfeitures or revocations. The Act takes effect January 1, 2026.
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