SB3398 - Tennessee: Economic And Community Development, Taxes, Exemption And Credits, Taxes, Sales

Companion Bill HB3754. Taxes, Exemption and Credits - Modifies the requirements for certain tax credits granted for establishing a qualified facility to support an emerging industry or a major cultural attraction. - Amends TCA Title 67, Chapter 6. Fiscal Summary for *SB3398 / HB3754Decrease State Revenue - Exceeds $100,000 Other Fiscal Impact - If future taxpayers are eligible for such tax credits as a result of this legislation, there would be an unknown amount of forgone state revenue in future years. Bill Summary for *SB3398 / HB3754 Under the present law sales and use tax provisions, a taxpayer that establishes a qualified facility to support an emerging industry or a major cultural attraction in this state is eligible for a credit of all the state sales or use taxes paid to the state, except tax at the rate of 0.5 percent, on the sale or [...]

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