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March 2, 2007, Newsletter Issue #54: About Franchise Tax
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Tip of the Week
Franchise taxes are the taxes collected by state agencies. While the Federal government collects national taxes, each state has a state franchise tax board to oversee the collection of state taxes. State taxes are paid by both individuals and businesses operating within a designated state. If you have businesses in multiple states, you will need to keep track of the franchise tax owed to each franchise tax board.
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