With no corporate or individual state income tax, Texas has one of the lowest tax burdens in the country.
The franchise tax is imposed on each taxable entity chartered or organized in Texas or doing business in Texas. The following rates apply to reports originally due on or after January 1, 2016:
Visit the Texas Comptroller of Public Accounts website for more franchise tax information.
The Sales and Use tax is 8.25% on taxable sales. The breakdown is:
|State of Texas||6.25 %|
|City of Denton||1.50 %|
|Denton County Transportation Authority||0.50 %|
Total 8.25 %
|City of Denton||$0.683340|
|Denton Independent School District||$1.540000|