The franchise tax phase-out was complete with the filing of the 2009 franchise tax report (based on the taxable year ending in 2008). Most corporations are not subject to the franchise tax for tax years (report years) 2010 and thereafter. Corporations that are not subject to the franchise tax because of the phase-out are not subject to the minimum fee and have no franchise tax payment or filing obligation after the filing of the 2009 franchise tax report.

For those corporations still subject to the franchise tax, prior filing and payment requirements apply. Financial Institutions must file form FT 1120FI; all other corporations still subject to the franchise tax must file form FT 1120.

In addition to financial institutions, the franchise tax phase-out and CAT phase-in do not apply to entities including financial holding companies, bank holding companies, savings and loan holding companies, and others.