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?
- 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?
- Has the franchise and excise tax credit for service providers of broadband internet access been repealed?
- 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?
- Are sales of tiny homes built on chassis subject to sales and use tax?
- Is a physical presence required to establish nexus for franchise and excise taxes?