Income/Franchise:
Texas Comptroller Proposes Changes to Franchise Tax Rule on Computing Compensation
Proposed Amended Tex. Admin. Code tit. 34 section 3.589, Tex. Comptroller of Public Accounts (2/18/22). The Texas Comptroller of Public Accounts has proposed regulatory amendments on how to compute “compensation” for Texas franchise (margin) tax purposes to “implement statutory changes to definitions, incorporate policy decisions, and improve readability.” Among the changes in the proposal is new language concerning wages and cash compensation paid to employees in a foreign country, pursuant to Accession No. 201510539L (June 14, 2016). Comments on the proposed changes must be received no later than 30 days from the date of their February 18, 2022 publication in the Texas Register (i.e., by March 21, 2022). Please contact us with any questions.
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