The Department is required to allocate to each county or municipality a portion of franchise and excise tax revenues of every non-depository financial institution equal to 3% of that taxpayer’s net earnings, less 7% of the aggregate Tennessee ad valorem property taxes paid by the taxpayer on its real and tangible personal property. If a non-depository financial institution maintains multiple branches or offices in Tennessee, the Department is required to apportion this amount in proportion to the outstanding loan and sales contracts receivable at each branch or office.
How is Form FAE 186 helpful?
- Is a non-depository financial institution with no branch or office in Tennessee required to submit Form FAE 186?
- How do I find Department of Revenue forms?
- What is Form FAE 186?
- Does a financial institution that is part of a unitary business (i.e. the group files franchise and excise taxes with Form FAE 174) need to submit Form FAE 186?
- How do I calculate the required amount of each franchise & excise tax estimated tax payment?