HB1959 - Tennessee - Taxes, Business

Companion Bill SB1484. Taxes, Business - Makes technical change to definition of "dominant business activity" for purposes of business tax. - Amends TCA Title 67. Fiscal Summary for HB1959 / *SB1484 MINIMAL Bill Summary for HB1959 / *SB1484 Present law imposes a tax on the privilege of conducting a business in this state. Businesses, vocations and occupations that are taxable are identified by classifications according to dominant business activity. Present law defines "dominant business activity" as the business activity that is the major and principal source of gross sales at retail and the major and principal source of gross sales at wholesale of the business. This bill removes the references to "major source" in this definition, thereby defining "dominant business activity" as the business activity that is the [...]

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