The tax rate was 0.75%.
It is considered as one of the important taxes or privilege tax rate in Texas which is said to be imposed on the taxable entity.
Texas Franchise Tax
- It is said to be known as privilege tax which is said to be imposed on the entities which are taxable and which have been formed or organised or doing business in Texas.
- Only the entities which are taxable need to pay the franchise tax in Texas.
- The companies which are exempted from the franchise tax of Texas as well as sales tax are non profit organisations.
To learn more about tax, visit - https://brainly.com/question/12770964
#SPJ4
