The computation of the excise tax generally begins with the entity’s federal taxable income (ordinary income for partnerships), plus and minus certain Tennessee specific adjustments. The tax rate is 6.5% of Tennessee taxable income. See Schedule J of FAE170 for the Tennessee specific adjustments.
How is excise tax computed?
- How is franchise tax computed?
- How do I calculate the required amount of each franchise & excise tax estimated tax payment?
- Is there more than one formula for apportioning franchise and excise tax?
- When does the ownership of a general partnership create franchise and excise tax nexus for its owner?
- I need to close my business. What do I need to do regarding my business tax account and license?