FAQs - Corporation Franchise Tax

Has the corporation franchise tax been phased out?

Yes. The 2013 corporation franchise tax report (based on taxable year ending in 2012) was the final report for all taxpayers. No annual or new taxpayer reports, either the FT 1120 or FT 1120FI, are required to be filed for tax year 2014 (based on taxable year ending in 2013) and thereafter.