FRANCHISE TAX • FREE TRANSLATOR.ORG • Definition of Franchise tax

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/frˈæntʃˌaɪz tæks/ Listen

Franchise tax

noun

A tax that is imposed by states on corporations; it depends both on the net worth of the corporation and on its net income attributable to activities within the state.

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Etymology of 'Franchise tax'

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"Franchise tax" Quotes from Famous Books

... the emergency message which I sent last evening to the Assembly on behalf of the Franchise Tax Bill has not been read. I, therefore, send hereby another. I need not impress upon the Assembly the need of passing this bill at once .... It establishes the principle that hereafter corporations holding franchises from the public shall pay their just ...

— Theodore Roosevelt; An Intimate Biography, • William Roscoe Thayer

... Assembly may levy a tax on incomes in excess of six hundred dollars per annum; may levy a license tax upon any business which cannot be reached by the ad valorem system; and may impose state franchise taxes, and in imposing a franchise tax, may, in its discretion, make the same in lieu of taxes upon other property, in whole or in part, of a transportation, industrial, or commercial corporation. Whenever a franchise tax shall be imposed upon ...

— Civil Government of Virginia • William F. Fox