Tennessee § 67-4-2005 - Doing business in state is taxable privilege.

§ 67-4-2005. Doing business in state is taxable privilege.

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. Acts 1999, ch. 406, § 3. Compiler's Notes. Acts 1999, ch. 406, § 19(b) provided that §§ 67-4-2001 — 67-4-2017 shall apply to tax years ending on and after June 30, 1999, for limited liability companies, limited liability partnerships and limited partnerships, in which one or more corporations subject to excise taxes under prior law directly or indirectly have in the aggregate an eighty percent (80%) or more ownership interest at any time after June 30, 1998; however, §§ 67-4-2001 — 67-4-2017 shall apply to tax years beginning on or after July 1, 1999, for all other taxpayers. Law Reviews. Taxation-State Tax Apportionment of Out-Of-State Business Income—Constitutionality and Propriety of a State's Apportionment and Taxation of Capital Gains as Business Earnings (Clark Milner), 79 Tenn. L. Rev. 437 (2012). To Pay or Not to Pay: A Primer on the Federal Unrelated Business Income Tax (UBIT) for Non-tax Lawyers (Sean P. Scally), 37 Tenn. B.J. 12 (2001). Cited: Blue Bell Creameries, LP v. Roberts, 333 S.W.3d 59, 2011 Tenn. LEXIS 6 (Tenn. Jan. 24, 2011).