Tennessee Code 67-4-2005 – Doing business in state is taxable privilege
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Tennessee Code 67-4-2005
- Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
- taxpayer: means every corporation, subchapter S corporation, limited liability company, professional limited liability company, registered limited liability partnership, professional registered limited liability partnership, limited partnership, cooperative, joint-stock association, business trust, regulated investment company, REIT, state-chartered or national bank, or state-chartered or federally chartered savings and loan association. See Tennessee Code 67-4-2004
- Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
Doing business in Tennessee by any person or taxpayer, and/or exercising the corporate franchise, is declared to be a taxable privilege. The tax is an accrued tax and is imposed for the exercise of the specified privilege during the period that coincides with the tax year covered by the return required.