Corporate franchise tax fyi - NM Taxation and Revenue Department 2025

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Franchise tax is levied by some states on corporations, limited liability companies (LLCs), and S corporations for the right to exist and do business within their jurisdiction. States charge these entities franchise taxes to raise revenue for public services.
You may submit a payment with the payment voucher below or pay estimated corporate income and franchise taxes online at no charge by electronic check. You can pay online through Taxpayer Access Point (TAP) at . Under GENERAL TASKS, click Make a Payment, and then click Business.
The corporate franchise tax is paid by most businesses in the state for the privilege of doing business in California, while the corporate income tax is paid by businesses which do not have sufficient presence or activity in the state for franchise tax purposes. The bank tax is paid by banks and financial institutions.
Filing a late tax return is one of the most common reasons that a large number of taxpayers owe money to the FTB. Specifically, a taxpayer can incur late fees on an unfiled return the day after not filing their tax return.
What Is a Franchise Tax? The term franchise tax refers to a tax paid by certain enterprises that want to do business in some states. Also called a privilege tax, it gives the business the right to be chartered and/or to operate within that state.
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A $50 penalty is assessed on each report filed after the due date. If tax is paid 1-30 days after the due date, a 5 percent penalty is assessed. If tax is paid over 30 days after the due date, a 10 percent penalty is assessed.
New Mexico Franchise Tax In the state of New Mexico, the franchise tax, also known as a privilege tax, is a flat fee of $50 paid annually. The franchise tax applies to all New Mexico corporations, which includes both C-corporations and S-corporations, and is levied as a charge for operating in the state.
North Carolina has a Franchise Tax due for Corporations and LLCs taxed as Corporations doing business in the state. Its typically filed by an accountant, as Franchise Taxes are filed as part of the North Carolina Corporate income tax filing.

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