An Energy Port With a Beach Economy
Corpus Christi's economy is built on its port. In 2025 the Port of Corpus Christi exported about 2.2 million barrels of crude oil a day, more than any other U.S. port, and the ship channel is lined with refineries, terminals, chemical plants and, across the bay, liquefied natural gas facilities. Alongside that industrial base are Naval Air Station Corpus Christi, the Corpus Christi Army Depot, Texas A&M University–Corpus Christi and a tourism trade on North Padre and Mustang islands. BOMCAS prepares returns for Corpus Christi businesses remotely.
See the Texas business tax page for franchise tax basics. Below, we look at Corpus Christi's industrial and coastal businesses.
What Is Filed
Texas has no corporate income tax. Businesses file federal returns on Form 1120, 1120-S or 1065 and the Texas franchise tax report by May 15, with a no-tax-due report below the revenue threshold. Companies with work in other states, such as Louisiana plants or offshore jobs in federal waters, may also file elsewhere.
Industrial Contractors
Pipefitting, scaffolding, insulation, inspection and maintenance firms serve the refineries and terminals, often under master service agreements with turnaround projects that run for weeks. Their returns depend on how they recognise revenue on long jobs, how they treat equipment and how they handle per diem and travel for crews brought in from elsewhere. Contractors with larger multi-year projects may need the percentage-of-completion method. For the franchise tax, labour-heavy firms often choose the compensation deduction.
Army Depot and Navy Suppliers
The Corpus Christi Army Depot repairs and overhauls Army helicopters and had about 2,400 direct employees in the Comptroller's 2025 study. Machine shops, parts suppliers and engineering firms that support the depot and the naval air station work under federal contracts with their own accounting rules. Cost-reimbursement contracts require unallowable costs, such as entertainment, to be kept out of billed indirect rates.
Fishing and Marine Businesses
Shrimp boats, charter captains, marine repair yards and bait shops make up a smaller but long-standing part of the local economy. Boat owners who pay crews a share of the catch may treat small-boat crew members as self-employed under a special rule, issuing Forms 1099 rather than W-2s. Commercial fishermen can use income averaging on Schedule J to spread a good year over the previous three.
Tourism and Rentals
Hotels, beach rentals, restaurants and attractions depend on summer visitors, spring break and winter residents. Their income is seasonal and exposed to storms. Short-term rental companies managing island condos need to separate their management fees from owners' rents, and hotels should review renovation costs for repair deductions and cost segregation.
Storms and Casualty Losses
When a hurricane or other federally declared disaster hits the Coastal Bend, businesses can deduct uninsured losses to property and inventory, and may choose to claim the loss on the prior year's return for a faster refund. Insurance proceeds that exceed the property's basis can create a gain, which may be deferred if the money is reinvested in replacement property within the allowed period. The IRS usually postpones filing deadlines for declared counties.
What We Review
- Revenue on turnaround and long-term jobs.
- Per diem, travel and crew costs.
- Federal contract cost records.
- Crew share payments and income averaging.
- Storm losses and insurance recoveries.
- Franchise tax method.
Corpus Christi Business Tax Preparation Questions
Do refinery contractors use special accounting for long jobs?
Larger multi-year contracts may require the percentage-of-completion method. Shorter jobs often use simpler methods.
Are shrimp boat crews employees?
Crew members on small boats paid only a share of the catch can be treated as self-employed under a special rule.
Can storm losses be claimed on last year's return?
Yes, for federally declared disasters, which can speed up a refund.
Does Corpus Christi have a business income tax?
No. Neither Texas nor the city has an income tax, but the franchise tax applies.
Talk to BOMCAS About Business Tax Preparation in Corpus Christi
A good return depends on job and storm-ready bookkeeping, crew payroll and accurate sales tax filings. Owners' shares flow to personal returns, expansions call for planning, unfiled years for catch-up work, and foreign owners for cross-border tax. The same Texas rules apply inland and on the coast; our state pages on personal tax, sales tax, bookkeeping, payroll, planning, back taxes and cross-border tax explain them, and the Texas overview brings them together.
A few lines about your Corpus Christi company, rental or household are enough for BOMCAS to suggest where to begin and which records a quote would need. Write through the contact page or the form below, call 780-667-5250 or email info@bomcas.ca. The full list of Corpus Christi services is on the Corpus Christi overview. This page is general information only and not advice for your circumstances.