Tax Rates/Fees:
Taxable Domestic Corporations: Report Filing Fee $50. Tax for domestic nonexempt corporations (except investment cos.) is the lesser of the following Methods:
Regardless of the method of calculation used, the tax is to be no more than $200,000 (formerly $180,000) nor less than $175 when calculating the tax based on authorized shares (Method 1 below) or $350 when calculating the tax based on assumed capital (Method 2 below). Effective January 1, 2018, the minimum tax based upon the assumed par calculation will be $400. There is a new, second tier, maximum franchise tax of $250,000 for publicly traded corporations with consolidated annual gross revenues equal to or greater than $750,000,000 or consolidated assets equal to or greater than $750,000,000.
Method 1 - Based on Authorized Shares: (i) 1 share to 5,000 shares, $175; (ii) 5,001 shares to 10,000 shares, $250; and (iii) over 10,000 shares, $250.00 plus $75 on each 10,000 shares or part thereof. Method 1 must be used for no-par shares. Effective January 1, 2018, the calculation will be over 10,000 shares, $250.00 plus $85 on each 10,000 shares or part thereof.
Method 2 - Based on Assumed Par Value Capital): Add $350 for each $1,000,000 or fraction thereof in excess of $1,000,000 of assumed par value capital (as defined by statute). Effective January 1, 2018, add $400 for each $1,000,000 or fraction thereof in excess of $1,000,000 of assumed par value capital.
Non-stock, nonexempt corporations: The franchise tax is $175.
Exempt Domestic Corporations: Report Filing Fee $25. No tax due.