The Texas Comptroller has extended the filing deadline for the 2021 Texas Margin Report (the “Margin Report”) from May 15, 2021 until June 15, 2021. This extension aligns with the extension by the IRS which extended the federal tax deadline to June 15, 2021 for all Texas residents and businesses.
Texas imposes a tax based on taxable margin (the “Margin Tax”). The Margin Tax is imposed on the taxable margin of each taxable entity that does business in Texas or that is chartered or organized under Texas law. Almost all legal entities with limited liability protection are considered taxable entities under the Margin Tax regime, including state law limited partnerships and business trusts. However, certain legal entities are specifically excluded from the definition of a taxable entity and thus are not subject to the Margin Tax.
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