Why does the Comptrollers office also require a SIC code on the report forms?
The law that enacted the revised franchise tax, HB3, specified that a tax rate of 0.5% be applied to taxable entities primarily engaged in wholesale or retail trade as described in Division F and Division G of the 1987 Standard Industrial Classification (SIC) Manual. The Comptroller’s office uses the SIC code to verify that the appropriate tax rate was used.
Related Questions
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- What is a NAICS code and why does the Comptrollers office require it on the report forms?
- Why does the Comptrollers office also require a SIC code on the report forms?
