HB3286 - Tennessee - Taxes, Business
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Please upgrade your Flash Player Latest Update: Friday, July, 04th 2008 Companion Bill SB3549. Taxes, Business - Adds real estate licensees and brokerage firms to those excluded from Category 3 for the purposes of business tax. - Amends TCA Title 67. Fiscal Summary for *HB3286 / SB3549Decrease State Revenue - Exceeds $808,600 Decrease Local Revenue - Exceeds $597,700 Bill Summary for *HB3286 / SB3549 Generally, a person who provides or sells a service is taxed under Classification 3 for purposes of the business tax. In addition to a minimum tax of $15.00, the tax rate for Classification 3 is: (1) 3/16 of 1 percent of all the retail sales of the business; and (2) 3/80 of 1 percent of all the wholesale sales of the business. There are several types of services exempted from this tax. This bill adds services provided by real estate licensees and brokerage firms to those exempted services.
Fiscal Notes
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