Texas Comptroller of Public Accounts

Texas Comptroller of Public Accounts, Glenn Hegar

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Important Information to Ensure Franchise Taxpayers Keep Their Temporary Credit

Please read the following information to ensure that you do not lose your temporary credit if you are the reporting entity for a combined group Texas franchise tax report.

You should have received a previous notice (PDF, 265KB) if:

  • you were the reporting entity for a combined group franchise tax report; and
  • you preserved a temporary business loss carryforward.

The notice required you to:

  • identify the entity or individual that owned more than 50% of all the entities included on the combined group report;
  • verify the business loss carryforward amount preserved for each of these members; and
  • provide this information by no later than Oct. 31, 2011 to preserve your temporary credit.

We will mail a second notice in the near future to those companies who did not meet the October 31 deadline. This letter will give taxpayers an additional 30 days to comply from the date of this letter.

Common owner information was not required when the temporary credit was first preserved, and the owner may not be the same as the reporting entity for the combined group. The information is required by franchise tax law to administer the temporary credit.

Please visit our Notice to Reporting Entity of a Combined Report Group frequently asked questions for more information.

We appreciate your cooperation!

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