HB3207 - Tennessee: Revenue, Dept. Of, Taxes, Excise, Trusts

Companion Bill SB3102. Taxes, Excise - Expands family owned non-corporate entity exemption under franchise and excise tax. - Amends TCA Section 67-4-2008. Fiscal Summary for HB3207 / *SB3102Decrease State Revenue - Exceeds $1,000,000 Bill Summary for HB3207 / *SB3102 PRESENT LAW Present law exempts for excise tax any family-owned noncorporate entity, where substantially all the activity of the entity is either the production of passive investment income or the combination of the production of passive investment income and farming. "Family-owned" means that at least 95 percent of the ownership units of the entity are owned by members of the family, which means, with respect to an individual, only: (1) An ancestor of such individual; (2) The spouse or former spouse of such individual; (3) A lineal descendent [...]

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