Texas Franchise Tax Report 2024 Instructions Meaning. Texas has made several changes that apply to report year 2024 (calendar year 2023) increasing the “no tax due” revenue threshold from $1.23 million to $2.47 million and the removal of the no tax due report requirements. Starting in 2024, you might find yourself exempt from this task.

Taxable entities doing business in texas are required to file an annual franchise tax report and pay any franchise tax due on or before may 15 of each year. Key concepts to understanding the texas franchise tax.