Contingent Liability Insurance Definition - What does Contingent Liability Insurance mean? Contingent liability insurance is insurance protection against potential perils or obligations that may or may not come to be, depending on how a particular event turns out. Companies often purchase it to protect against the possibility that an event would result in the party owing a large sum of money.
Texas: Franchise Tax Is Not an Income Tax; Compact Election Not Allowed. In the latest decision addressing the availability of the Multistate Tax Compactâs three-factor apportionment election, a Texas appeals court ruled that the election was not allowed in computing Texas franchise (margin) tax liability.
Corporation Franchise Tax return each year unless exempt from both taxes. Corporation franchise tax for domestic corporations continues to accrue, regard-. less of whether any assets are owned or any business operations are conducted, until a âCertificate of Dissolutionâ is issued by the Louisiana Secretary of State.