(a) Notwithstanding any provision of this part to the contrary, the tax imposed by this part on any manufacturer shall be levied only on the first two billion dollars ($2,000,000,000) of apportioned net worth or real and tangible personal property owned or used in Tennessee.

Terms Used In Tennessee Code 67-4-2121

  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
  • Personal property: All property that is not real property.
(b) For purposes of this section, “manufacturer” means any person whose principal business is fabricating or processing tangible personal property for resale and ultimate use or consumption off the premises of the person engaging in such fabricating or processing.
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