Texas Tax Code 171.151 – Privilege Period Covered by Tax
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Terms Used In Texas Tax Code 171.151
- Year: means 12 consecutive months. See Texas Government Code 311.005
The franchise tax shall be paid for each of the following:
(1) an initial period beginning on the taxable entity’s beginning date and ending on the day before the first anniversary of the beginning date;
(2) a second period beginning on the first anniversary of the beginning date and ending on December 31 following that date; and
(3) after the initial and second periods have expired, a regular annual period beginning each year on January 1 and ending the following December 31.