(a) This part shall be known and may be cited as the “Business Tax Act” and the taxes imposed by this part shall be in addition to all other privilege taxes.

Terms Used In Tennessee Code 67-4-701

  • Inventories of merchandise held for sale or exchange: includes tangible personal property held by a merchant or business for lease or rental, but does not include such property in the possession of a lessee. See Tennessee Code 67-4-702
  • merchandise: means any consumer item that is or is represented to be new or not previously owned by a consumer, and "temporary premises" means any public or quasi-public place, including a hotel, rooming house, storeroom, building or part of a building, tent, vacant lot, railroad car or motor vehicle that is temporarily occupied for the purpose of exhibiting stocks of merchandise to the public. See Tennessee Code 67-4-702
  • Sale: includes the furnishing of any of the things or services taxable under this part. See Tennessee Code 67-4-702
  • State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States and any foreign country or political subdivision thereof. See Tennessee Code 67-4-2004
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(b) It is the legislative intent that the taxes imposed by this part shall be in lieu of any or all ad valorem taxes on the inventories of merchandise held for sale or exchange by persons taxable under this part.
(c) It is the legislative intent, within the framework of this part, to recognize that there are limitations upon state taxation imposed by the constitutions of the United States and of this state and not to impose the tax where prohibited by the constitutions; but it is intended to impose that tax to the extent permitted under such constitutions and the words of imposition used in this section.
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