Tennessee § 56-4-301 - Tax imposed.

§ 56-4-301. Tax imposed.

Every corporation, company, partnership, or individual writing, issuing, servicing and/or collecting installments on contracts now being written or issued or contracts heretofore written, issued and sold in this state, commonly known as income reserve contracts, installment investment trusts, including investors' syndicates, investment associations and the like, each of which is called an “investment company” in this part, or which corporation, company, partnership, or individual is engaged in servicing contracts now being issued or heretofore issued or collecting installments on the contracts, shall be deemed to be engaged in a business declared to be a privilege; and for the purpose of providing revenue for the state, there shall be levied against and collected from each investment company a special tax measured by gross profits or income, as defined in § 56-4-305, of the investment company or that portion of the gross profits or income as shall be allocated to the state, as provided in this part. Notwithstanding subsection (a), no tax under this part shall be imposed on any person registered as a broker or a dealer under §§ 3(a)(4) or (5) of the Securities Exchange Act of 1934 (15 U.S.C. § 78c(a)(4) or (a)(5)), regardless of any related or incidental activities carried on by the person in connection with its business as a broker or a dealer. Acts 1939, ch. 187, § 1; 1943, ch. 127, § 1; C. Supp. 1950, § 1248.33 (Williams, § 1248.160); Acts 1977, ch. 347, § 2; T.C.A. (orig. ed.), §§ 67-4401, 67-4-1201; Acts 2000, ch. 870, § 1. Code Commission Notes. Former references in this part to the commissioner or department of commerce and insurance have been changed to references to the commissioner or department of revenue in light of Executive Order No. 64 (March 26, 1985), which transferred the collection of taxes imposed upon investment companies from the department of commerce and insurance to the department of revenue. Compiler's Notes. This part was formerly compiled as title 67, chapter 4, part 12. Acts 2000, ch. 870, § 3 provided that the amendment by the act applies to all taxes that have not been assessed and collected as of July 17, 2000. Cross-References. Exemption from excise tax, § 67-4-2008 . Exemption from franchise tax, § 67-4-2108 . Law Reviews. Preferences, Priorities, and Powers of the State in the Collection of Delinquent Revenue: Tennessee's Tax Enforcement Procedures Act (Donald J. Serkin), 8 Mem. St. U.L. Rev. 707.