Midland County has a total of six taxing entities. Dependent upon the firms location, city taxes may not be imposed. Following are the 2013 tax rates per $100 of assessed value.
Texas has no personal income tax.
Texas imposes a franchise tax, frequently referred to as a “margin tax” on taxable entities organized or chartered under Texas law, and foreign (non-Texas) entities that do business in Texas. In general, an entity is subject to the tax if state law limits the owners’ liability. The Texas Franchise Tax rate is 1% (.5% for wholesale and retail sellers only), and begins with an entity’s total revenue, and allows applicable deductions for the largest of cost of goods sold, compensation, or 30% of total revenue. The computed margin is apportioned to Texas, and the tax rate is applied. Alternative, less complicated formulas may be elected by taxpayer’s with total revenue of $10 million or less.
There are three Sales & Use Tax rates. A location outside of the city exempts the firm from the city rate. Following are the current rates.
This information is deemed to be from a reliable source but is not warranted in any way by the Midland Development Corporation .