For tax years beginning on or after January 1, 2017, manufacturers may elect to apportion net earnings and net worth to Tennessee based upon a single sales factor. To ensure the availability of this election, the State Funding Board must make a certification as required by Tenn. Code Ann. § 9-9-104(b). On May 11, 2017, and the years thereafter, the State Funding Board met and approved a “Resolution Making Findings for Decrease in Special Revenues,” thereby making the required certification needed for any decrease in franchise taxes for fiscal years beginning 2017-18 through current.
Has the State Funding Board made a certification regarding Special Revenues?
- Has the franchise and excise tax credit for service providers of broadband internet access been repealed?
- If a single member limited liability company (“SMLLC”) elects to be disregarded for federal tax purposes, can its corporate parent claim the SMLLC’s job tax credits on future franchise, excise tax returns?
- What are the franchise and excise tax filing requirements for an entity that has substantial nexus in the state but qualifies for protection under Public Law 86-272?
- Federal income tax returns are due on October 15 for calendar year taxpayers that file an extension with the IRS. Can the taxpayer obtain an extension to November 15 for filing its F&E return?
- May out-of-state leasing companies that previously elected to collect the local Tennessee sales tax at the uniform 2.25% rate from their Tennessee customers continue to do so for leases entered into before October 1, 2019?