Taxes

While Texas doesn't levy a corporate tax, it does have a franchise tax, which could be described as a form of privilege tax applied to entities established or operating within the state. The franchise tax rates, thresholds, and deduction limits differ from year to year, and it's worth noting that, when compared to income tax, this franchise tax typically constitutes only a fraction of the overall financial burden, providing a relatively lighter impact on businesses. It's also important to mention that sole proprietorships are exempt from this tax, easing the financial obligations for many smaller enterprises.

Situated in Gregg County, Longview enjoys a distinct advantage with property tax rates that stand well below both the state of Texas' averages and those of counties housing cities of similar size, even outshining the major metropolitan areas. This means more savings for homeowners and businesses, making Longview an even more enticing place to call home or set up shop.

Gregg County's sales and use tax aligns with the rates found in the majority of Texas counties, standing at a combined rate of 8.25%. This tax encompasses a wide range of transactions, including retail sales, leases, rentals, and taxable services. By staying in line with the broader Texas tax landscape, Gregg County ensures a fair and predictable environment for businesses and consumers alike, fostering confidence in the local economy.