The corporation franchise tax, a business privilege tax that dates back to 1902, was repealed for tax year 2014 and after (see Amended Substitute House Bill 510, 129th General Assembly). Instead, most corporations are now subject to the commercial activity tax (CAT) or the financial institutions tax (FIT).
Note: Tax year 2013 (based on taxable year ending in 2012) was the final year for the corporation franchise tax with the enactment of the new financial institutions tax (FIT). There will be no franchise tax reports for tax year 2014. Please do not modify a 2013 report to the 2014 tax year as it is no longer required.