Tennessee § 67-4-701 - Short title — Nature of tax — Legislative intent.

§ 67-4-701. Short title — Nature of tax — Legislative intent.

This part shall be known and may be cited as the “Business Tax Act” and the taxes imposed by this part shall be in addition to all other privilege taxes. It is the legislative intent that the taxes imposed by this part shall be in lieu of any or all ad valorem taxes on the inventories of merchandise held for sale or exchange by persons taxable under this part. It is the legislative intent, within the framework of this part, to recognize that there are limitations upon state taxation imposed by the constitutions of the United States and of this state and not to impose the tax where prohibited by the constitutions; but it is intended to impose that tax to the extent permitted under such constitutions and the words of imposition used in this section. Acts 1971, ch. 387, §§ 1, 21; 1972, ch. 850, § 1; T.C.A., §§ 67-5801, 67-5820; Acts 1984, ch. 832, § 26. Cross-References. Insurance taxes, title 56, ch. 4, part 2. Professional boxing, sparring or wrestling match gross receipt tax, § 68-115-208 . Textbooks. Tennessee Jurisprudence, 16 Tenn. Juris., Intoxicating Liquors, § 7; 17 Tenn. Juris., Licenses, § 4; 23 Tenn. Juris., Taxation, § 77. Law Reviews. Selected Issues in State Business Taxation (Walter Hellerstein), 39 Vand. L. Rev. 1033 (1986). Attorney General Opinions. Municipality's imposition of permit fees on flea market operators and dealers, OAG 97-057 (4/28/97). Application of Business Tax Act to jewelry and apparel show promoter and vendors, OAG 97-108 (8/01/97). Cited: Brentwood Liquors Corp. v. Fox, 496 S.W.2d 454, 1973 Tenn. LEXIS 469 (Tenn. 1973); Worrall v. Kroger Co., 545 S.W.2d 736, 1977 Tenn. LEXIS 606 (Tenn. 1977); State ex rel. Polin v. Hill, 547 S.W.2d 916, 1977 Tenn. LEXIS 570 (Tenn. 1977); Town of Algood v. Mid-South Pavers, Inc., 569 S.W.2d 848, 1978 Tenn. App. LEXIS 297 (Tenn. Ct. App. 1978); Art Pancake's United Rent-All v. Ferguson, 601 S.W.2d 926, 1979 Tenn. App. LEXIS 396 (Tenn. Ct. App. 1979); Smith v. Pigeon Forge, 600 S.W.2d 231, 1980 Tenn. LEXIS 465, 1980 Tenn. LEXIS 466 (Tenn. 1980); Arkansas-Best Freight System, Inc. v. Cochran, 546 F. Supp. 915, 1982 U.S. Dist. LEXIS 18281 (M.D. Tenn. 1982); CSX Transp., Inc. v. Tennessee State Bd. of Equalization, 964 F.2d 548, 1992 U.S. App. LEXIS 10646 (6th Cir. 1992).