Tennessee § 67-4-2101 - Short title.

§ 67-4-2101. Short title.

This part shall be known and may be cited as the “Franchise Tax Law of 1999.” Acts 1999, ch. 406, § 4. Compiler's Notes. Acts 1999, ch. 406, § 13, provided that the commissioner is authorized to promulgate rules and regulations in accordance with the provisions of title 4, chapter 5, to implement and administer the provisions of this act. Such rules, to the extent deemed necessary by the commissioner for timely implementation of this act, shall include public necessity rules (now emergency rules). Acts 1999, ch. 406, § 19(b) provided that §§ 67-4-2101 — 67-4-2120 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 franchise 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, §§ 67-4-2101 — 67-4-2120 shall apply to tax years beginning on or after July 1, 1999, for all other taxpayers. Cross-References. Insurance taxes, title 56, ch. 4, part 2. Textbooks. Tennessee Jurisprudence, 23 Tenn. Juris., Taxation, § 79. Law Reviews. Amendments to the Tax Revision and Reform Act (J. Leigh Griffith), 36 Tenn. B.J. 23 (2000). State and Local Taxation of Financial Institutions: An Opportunity for Reform (C. James Judson & Susan G. Duffy), 39 Vand. L. Rev. 1057 (1986). Taxing Tennessee: New Business Taxes for 1999 (J. Leigh Griffith), 35 Tenn. B.J. 12 (1999). 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). Attorney General Opinions. Since the Tennessee franchise tax is measured by a taxable entity's net worth and not by net income, Public Law 86-272, compiled in 15 U.S.C. §§ 381-84, does not impose any restrictions with respect to the application of the franchise tax, even in instances in which it does prohibit application of the excise tax, OAG 04-159 (11/08/04).