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.
Article 9-A â Franchise tax on general business corporations. The information on this page should not be relied on for tax years that first begin on or after January 1, 2015 as corporate tax reform significantly altered the Article 9-A tax for such tax years. You must file and pay the franchise tax on general business corporations if: