Tennessee § 56-4-304 - Rate of tax.
Full text of Tennessee Tennessee Code Annotated § 56-4-304 — Rate of tax., with citation guidance and answers to common questions.
§ 56-4-304. Rate of tax.
Each investment company, as defined in §§ 56-4-301 and 56-4-303, shall pay annually to the commissioner of revenue the tax provided under this part, which tax shall be measured as to each investment company engaged in business wholly within this state, by the entire gross profits or income of the investment company during the year for which the tax is payable; and as to each investment company engaged in business or operating partly within and partly without the state, the tax shall be measured by the portion of the gross profits or income of the investment company allocated to the state, as provided in § 56-4-306. The tax as to each investment company engaged in business or operating wholly within the state shall be an amount equivalent to two percent (2%) of the aggregate or total of the gross profits or income of the investment company, and as to each investment company engaged in business or operating partly within and partly without the state, the tax shall be an amount equivalent to two percent (2%) of the portion of the aggregate or total of the gross profits or income of the investment company allocated to this state, as provided in § 56-4-306. Acts 1939, ch. 187, § 3; 1943, ch. 127, § 3; C. Supp. 1950, § 1248.35 (Williams, § 1248.162); modified; T.C.A. (orig. ed.), §§ 67-4403, 67-4-1204. Code Commission Notes. For the transfer of collection of taxes imposed upon investment companies from the department of commerce and insurance to the department of revenue, see Executive Order No. 64 (March 26, 1985). Compiler's Notes. The interest rate provided for in this section may be affected by the provision in § 67-1-801 for a rate set by the commissioner of revenue.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 56-4-304
What does Tennessee Code Annotated § 56-4-304 cover?
Section 56-4-304 ("Rate of tax.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Tennessee § 56-4-304?
A common citation format is "Tennessee Code Annotated § 56-4-304" (Tennessee). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 56-4-304 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Tennessee.