Tennessee § 67-4-306 - Period covered by tax — Refund.

§ 67-4-306. Period covered by tax — Refund.

The taxes levied by sections providing for administration under this part are declared to be imposed for the privilege of engaging in business for the year beginning on July 1, even though such tax is made payable on the following August 1, and even though such tax is measured by gross receipts for the preceding fiscal or calendar year. Whenever the operation of a business ceases during the privilege tax year, the business is entitled to a prorated refund of tax for the portion of such year during which it did not operate; provided, that the refund amount exceeds ten dollars ($10.00). This subsection (b) does not apply, however, to transfers of existing businesses. Acts 1937, ch. 192, § 14; C. Supp. 1950, § 1248.5 (Williams, § 1248.138); T.C.A. (orig. ed.), § 67-4317; Acts 1988, ch. 833, § 1. Textbooks. Tennessee Jurisprudence, 17 Tenn. Juris., Licenses, § 6. Law Reviews. Business Associations — 1961 Tennessee Survey (Kenneth L. Roberts), 14 Vand. L. Rev. 1141 (1961). Cited: Automatic Merchandising Co. v. Atkins, 205 Tenn. 547, 327 S.W.2d 328, 1959 Tenn. LEXIS 392 (1959); Tidwell v. Servomation-Willoughby Co., 483 S.W.2d 98, 1972 Tenn. LEXIS 363 (Tenn. 1972); Tennessee Natural Gas Lines v. King, 635 S.W.2d 95, 1982 Tenn. LEXIS 414 (Tenn. 1982).