LGT's Profit Sense

In response to the coronavirus pandemic and following the lead of the IRS, Glenn Hegar, Comptroller for the State of Texas, announced that state franchise tax filings that are ordinarily due on May 15^th are extended until July 15^th.

This extension is to bring the state filings in line with the extended federal tax return deadline. This extension is applicable for all state franchise tax payers. The extension is automatic; no additional forms need to be filed. Separate rules apply for EFT and non-EFT taxpayers.

For additional information about the extension, please visit the Texas Comptroller’s website. Each taxpayer's situation is different, make sure you contact Jon Wellington, LGT’s state and local tax (SALT) practice leader, for guidance about your specific tax strategy.