CFT 2009-01 - No 2010 Franchise Tax Filing or Payment
Obligation for Corporations Subject to the Phase-Out – Issued
This information release is intended as a reminder: The
franchise tax phase-out was complete with the filing of the
2009 franchise tax report (based on the taxable year ending
in 2008). Most corporations are not subject to the
franchise tax for tax years (report years) 2010 and
thereafter. Corporations that are not subject to the 2010
franchise tax (based on the taxable year ending in 2009) are
not subject to the minimum fee and have no report year 2010 franchise
or filing obligation.
For those corporations still subject to the franchise tax,
prior filing and payment requirements apply. Financial
institutions must file form FT 1120FI; all other corporations
still subject to the franchise tax must file form FT 1120.