All Taxes, Excise Legislation - Tennessee
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Latest Action: 02/07/2008 - Passed second consideration, caption bill, held on desk - pending amdt. Bill Text Companion Bill SB4174. Taxes - Clarifies that insurance companies are exempt from franchise and excise tax; revises provision regarding credit against excise tax for certain insurance companies. - Amends TCA Title 56 and Title 67. Fiscal Summary for *HB4159 / SB4174 MINIMAL Bill Summary for *HB4159 / SB4174 Present law generally imposes a gross premiums tax on insurance companies writing life, fire, marine, fidelity, surety, casualty, liability, or other forms of insurance. Under TCA Section 56-4-217, the amount of the premium taxes collected under present law is a single credit against the sum total of the taxes imposed by the Franchise Tax Law and by the Excise Tax Law. Present law provides: (1) To the extent any franchise or excise tax liability remains after application of the credit, such tax liability will be [...] show full description Comment on Bill SB4174
Latest Action: 04/08/2008 - Assigned to Gen. Sub of: Senate Tax Sub Committee of F,W&M. Bill Text Companion Bill HB4159. Taxes - Clarifies that insurance companies are exempt from franchise and excise tax; revises provision regarding credit against excise tax for certain insurance companies. - Amends TCA Title 56 and Title 67. Fiscal Summary for SB4174 / *HB4159 MINIMAL Bill Summary for SB4174 / *HB4159 Present law generally imposes a gross premiums tax on insurance companies writing life, fire, marine, fidelity, surety, casualty, liability, or other forms of insurance. Under TCA Section 56-4-217, the amount of the premium taxes collected under present law is a single credit against the sum total of the taxes imposed by the Franchise Tax Law and by the Excise Tax Law. Present law provides: (1) To the extent any franchise or excise tax liability remains after application of the credit, such tax liability will be [...] show full description HB4133
Latest Action: 05/07/2008 - Taken Off Notice For Calendar in Subcommittee Budget of Finance, Ways and Means of Finance, Ways & Means Committee Bill Text Companion Bill SB2551. Taxes, Exemption and Credits - Allows a job tax credit against franchise and excise taxes in an amount equal to 25 percent of the portion of the employer/taxpayer's Federal Work Opportunity tax credit that is directly attributable to employment of ex-felons during the tax year. - Amends TCA Title 67, Chapter 4, Part 20 and Title 67, Chapter 4, Part 21. Fiscal Summary for HB4133 / *SB2551Decrease State Revenue - $234,400 Bill Summary for HB4133 / *SB2551 This bill allows an employer a job tax credit against excise and franchise taxes in an amount equal to 25 percent of the portion of the employer's federal Work Opportunity Tax Credit (WOTC) that is directly attributable to the employment of ex-felons during the tax year. Generally, under the federal WOTC, employers get tax credit for certain new hires, including a member [...] show full description HB3688
Latest Action: 04/30/2008 - Taken Off Notice For Calendar in Subcommittee Budget of Finance, Ways and Means of Finance, Ways & Means Committee Bill Text Companion Bill SB3273. Economic and Community Development - Extends certain job tax credits to qualified business located within federally designated empowerment zones; includes certain high-tech businesses within the definition of qualified businesses to receive certain job tax credits. - Amends TCA Section 67-4-2109 and Section 67-6-232. Fiscal Summary for HB3688 / *SB3273Decrease State Revenue - Exceeds $250,000 Other Fiscal Impact - If future taxpayers are eligible for such tax credit as a result of this legislation, but would not have been under current law, there would be an unknown amount of foregeone state revenue in future years. In addition, there could be subsequent economic growth and business activity that may aid the state growing its tax base. However, such impact is indirect and not quantifiable for the purpose of this fiscal note. Bill [...] show full description HB3689
Latest Action: 04/30/2008 - Taken Off Notice For Calendar in Subcommittee Budget of Finance, Ways and Means of Finance, Ways & Means Committee Bill Text Companion Bill SB3272. Taxes, Exemption and Credits - Authorizes, under certain circumstances, a tax credit against the employer's franchise and excise tax liability in consideration of certain newly created full-time, permanent, high-tech jobs. - Amends TCA Section 67-4-2109. Fiscal Summary for HB3689 / *SB3272Decrease State Revenue - Exceeds $100,000 Increase State Expenditures - $137,000 / One-Time Other Fiscal Impact - If future taxpayers are eligible for such tax credit as a result of this legislation, but would not have been under current law, there would be an unknown amount of foregone state revenue in future years. In addition, there could be subsequent economic growth and business activity that may aid the state growing its tax base. However, such impact is indirect and not quantifiable for the purpose of this fiscal note. Bill Summary for HB3689 [...] show full description SB3273
Latest Action: 04/17/2008 - Assigned to Gen. Sub of Senate F,W&M Comm. Bill Text Companion Bill HB3688. Economic and Community Development - Extends certain job tax credits to qualified business located within federally designated empowerment zones; includes certain high-tech businesses within the definition of qualified businesses to receive certain job tax credits. - Amends TCA Section 67-4-2109 and Section 67-6-232. Fiscal Summary for *SB3273 / HB3688Decrease State Revenue - Exceeds $250,000 Other Fiscal Impact - If future taxpayers are eligible for such tax credit as a result of this legislation, but would not have been under current law, there would be an unknown amount of foregeone state revenue in future years. In addition, there could be subsequent economic growth and business activity that may aid the state growing its tax base. However, such impact is indirect and not quantifiable for the purpose of this fiscal note. Bill [...] show full description HB3100
Latest Action: 05/14/2008 - Placed on Subcommittee Calendar Budget of Finance, Ways and Means for 05/19/2008 Bill Text Companion Bill SB2659. Taxes - Provides a tax credit for small business employers that provide health benefits to employees. - Amends TCA Title 67. Fiscal Summary for HB3100 / *SB2659Decrease State Revenue - Exceeds $15,750,000 Increase State Expenditures - $125,000/One-Time Bill Summary for HB3100 / *SB2659 This bill establishes a tax credit against both the franchise and excise taxes for any small business that employs no more than 25 eligible employees throughout the tax year and provides health benefits for all of the employer's employees. An "eligible employee" is an employee who works at least 30 hours per work week on a permanent basis. The employer is considered to be providing health benefits if: (1) The employer pays at least 50 percent of the premiums for health care coverage for the employee and employee's dependants [...] show full description HB3182
Latest Action: 05/07/2008 - Taken Off Notice For Calendar in: Government Operations Committee Bill Text Companion Bill SB3158. Taxes - Requires combined reporting for franchise and excise tax purposes; reduces sales tax on food from 5.5 percent to 3.5 percent. - Amends TCA Title 67. Fiscal Summary for HB3182 / *SB3158Decrease State Revenue - Net Impact - $153,559,000 Increase State Expenditures - $322,400 / One-Time $1,627,100 / Recurring Decrease Local Revenue - $8,354,000 Bill Summary for HB3182 / *SB3158 This bill: (1) Reduces the state sales tax on groceries from 5.5 percent to 3.5 percent; and (2) Requires combined reporting under the franchise/excise tax provisions for taxpayers engaged in a unitary business with one or more other corporations. This bill defines "unitary business" as a single economic enterprise that is made up either of separate parts of a single business entity or of [...] show full description HB3207
Latest Action: 01/30/2008 - Assigned to Subcommittee Budget of FW&M Bill Text 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 [...] show full description SB3272
Latest Action: 04/17/2008 - Assigned to Gen. Sub of Senate F,W&M Comm. Bill Text Companion Bill HB3689. Taxes, Exemption and Credits - Authorizes, under certain circumstances, a tax credit against the employer's franchise and excise tax liability in consideration of certain newly created full-time, permanent, high-tech jobs. - Amends TCA Section 67-4-2109. Fiscal Summary for *SB3272 / HB3689Decrease State Revenue - Exceeds $100,000 Increase State Expenditures - $137,000 / One-Time Other Fiscal Impact - If future taxpayers are eligible for such tax credit as a result of this legislation, but would not have been under current law, there would be an unknown amount of foregone state revenue in future years. In addition, there could be subsequent economic growth and business activity that may aid the state growing its tax base. However, such impact is indirect and not quantifiable for the purpose of this fiscal note. Bill Summary for *SB3272 [...] show full description SB3142
Latest Action: 02/12/2008 - Assigned to Gen. Sub of: Senate Tax Sub Committee of F,W&M. Bill Text Taxes, Franchise - Increases franchise and excise tax credit for financial institutions donating to the Tennessee rural development opportunity fund from 10 percent of contribution to 12.5 percent of contribution. - Amends TCA Title 67, Chapter 4, Part 20 and Title 67, Chapter 4, Part 21. Fiscal Summary for SB3142 / *HB2636Decrease State Revenue - $250,000 SB3158
Latest Action: 05/12/2008 - Action Deferred in Senate Tax Sub Comm. to next meeting Bill Text Companion Bill HB3182. Taxes - Requires combined reporting for franchise and excise tax purposes; reduces sales tax on food from 5.5 percent to 3.5 percent. - Amends TCA Title 67. Fiscal Summary for *SB3158 / HB3182Decrease State Revenue - Net Impact - $153,559,000 Increase State Expenditures - $322,400 / One-Time $1,627,100 / Recurring Decrease Local Revenue - $8,354,000 Bill Summary for *SB3158 / HB3182 This bill: (1) Reduces the state sales tax on groceries from 5.5 percent to 3.5 percent; and (2) Requires combined reporting under the franchise/excise tax provisions for taxpayers engaged in a unitary business with one or more other corporations. This bill defines "unitary business" as a single economic enterprise that is made up either of separate parts of a single business entity or of [...] show full description SB3102
Latest Action: 01/29/2008 - Referred to Senate Tax Sub Comm. Bill Text Companion Bill HB3207. Taxes, Excise - Expands family owned non-corporate entity exemption under franchise and excise tax. - Amends TCA Section 67-4-2008. Fiscal Summary for *SB3102 / HB3207Decrease State Revenue - Exceeds $1,000,000 Bill Summary for *SB3102 / HB3207 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 [...] show full description HB2636
Latest Action: 02/20/2008 - Assigned to Subcommittee Budget of FW&M Bill Text Taxes, Franchise - Increases franchise and excise tax credit for financial institutions donating to the Tennessee rural development opportunity fund from 10 percent of contribution to 12.5 percent of contribution. - Amends TCA Title 67, Chapter 4, Part 20 and Title 67, Chapter 4, Part 21. Fiscal Summary for *HB2636 / SB3142Decrease State Revenue - $250,000 SB2659
Latest Action: 05/13/2008 - Assigned to Gen. Sub of Senate F,W&M Comm. Bill Text Companion Bill HB3100. Taxes - Provides a tax credit for small business employers that provide health benefits to employees. - Amends TCA Title 67. Fiscal Summary for *SB2659 / HB3100Decrease State Revenue - Exceeds $15,750,000 Increase State Expenditures - $125,000/One-Time Bill Summary for *SB2659 / HB3100 This bill establishes a tax credit against both the franchise and excise taxes for any small business that employs no more than 25 eligible employees throughout the tax year and provides health benefits for all of the employer's employees. An "eligible employee" is an employee who works at least 30 hours per work week on a permanent basis. The employer is considered to be providing health benefits if: (1) The employer pays at least 50 percent of the premiums for health care coverage for the employee and employee's dependants [...] show full description SB2551
Latest Action: 04/08/2008 - Referred to Senate F,W&M Comm. w/neg. recommend Bill Text Companion Bill HB4133. Taxes, Exemption and Credits - Allows a job tax credit against franchise and excise taxes in an amount equal to 25 percent of the portion of the employer/taxpayer's Federal Work Opportunity tax credit that is directly attributable to employment of ex-felons during the tax year. - Amends TCA Title 67, Chapter 4, Part 20 and Title 67, Chapter 4, Part 21. Fiscal Summary for *SB2551 / HB4133Decrease State Revenue - $234,400 Bill Summary for *SB2551 / HB4133 This bill allows an employer a job tax credit against excise and franchise taxes in an amount equal to 25 percent of the portion of the employer's federal Work Opportunity Tax Credit (WOTC) that is directly attributable to the employment of ex-felons during the tax year. Generally, under the federal WOTC, employers get tax credit for certain new hires, including a member [...] show full description HB1581
Latest Action: 02/21/2007 - Passed second consideration, caption bill, held on desk - pending amdt. Bill Text Taxes, Excise - Authorizes Tennessee historic property preservation or rehabilitation entity to be organized as limited partnership for purposes of excise tax. - Amends TCA Title 67, Chapter 4. Fiscal Summary for HB1581 / *SB1513Decrease State Revenues - $10,000 Decrease Local Govt. Revenues - $3,000 HB1485
Latest Action: 03/07/2007 - Assigned to Subcommittee Budget of FW&M Bill Text Taxes, Exemption and Credits - Removes tax credits for companies that reduce insurance and retirement benefits for existing employees and retirees of such companies. - Amends TCA Title 67, Chapter 4, Part 21. Fiscal Summary for *HB1485Other Fiscal Impact - The fiscal impact of this bill is dependent upon two unknown variables: (1) the extent of tax credits allowed and (2) the number of businesses that would reduce company-provided benefits to their employees. Therefore, estimating the fiscal impact for this bill is difficult to quantify due to the unknown extent of the two variables. However, if one company decreases company-provided benefits, that is also eligible for some type of tax credit, the fiscal impact is estimated to be a significant increase to state revenues, but by an unknown amount. Bill Summary for *HB1485 This bill prohibits a job tax credit, franchise or excise tax credit, or any other tax credit from being granted to any [...] show full description SB1513
Latest Action: 03/20/2007 - Assigned to Gen. Sub of: Senate Tax Sub Committee of F,W&M. Bill Text Taxes, Excise - Authorizes Tennessee historic property preservation or rehabilitation entity to be organized as limited partnership for purposes of excise tax. - Amends TCA Title 67, Chapter 4. Fiscal Summary for *SB1513 / HB1581Decrease State Revenues - $10,000 Decrease Local Govt. Revenues - $3,000 SB0931
Latest Action: 03/20/2007 - Assigned to Gen. Sub of: Senate Tax Sub Committee of F,W&M. Bill Text Immigrants - Revokes franchise and excise tax exemptions or credits of any person who knowingly employs an illegal immigrant in this state. - Amends TCA Title 67. Fiscal Summary for SB0931 / *HB0429Increase State Expenditures - $354,000 Recurring $170,000 One-Time Other Fiscal Impact - An increase to franchise and excise tax revenues for the state. However, the extent of any increased state revenues cannot be quantified because any such amount is dependent upon multiple unknown factors. HB0593
Latest Action: 02/12/2007 - Passed second consideration, Referred to Government Operations for review--Judiciary Bill Text Immigrants - Enacts the "Tennessee Immigration Compliance Act." - Amends TCA Title 4; Title 12; Title 38; Title 39; Title 41; Title 67 and Title 71. Fiscal Summary for *HB0593Increase State Expenditures - $1,870,900 Recurring $140,000 One-Time $52,700 Incarceration* Increase Local Govt. Expenditures - Exceeds $1,000,000** Bill Summary for *HB0593 This bill establishes various provisions regarding immigrants in this state. PUBLIC EMPLOYER PARTICIPATION IN WORK AUTHORIZATION PROGRAM This bill requires public employers to register and participate in the federal work authorization program to verify information of all new employees. This bill prohibits a public employer from contracting for the physical performance of services unless the contractor registers and participates in the program and prohibits contractors and subcontractors from entering into such a contract with a public employer [...] show full description Latest Action: 02/12/2007 - Passed second consideration, Referred to Senate Jud. Comm. Bill Text Companion Bill HB0440. Immigrants - Enacts the "Tennessee Immigration Compliance Act." - Amends TCA Title 4; Title 12; Title 38; Title 39; Title 41; Title 67 and Title 71. Fiscal Summary for SB0544 / *HB0440Increase State Expenditures - $1,870,900 Recurring $140,000 One-Time $52,700 Incarceration* Increase Local Govt. Expenditures - Exceeds $1,000,000** Bill Summary for SB0544 / *HB0440 This bill establishes various provisions regarding immigrants in this state. PUBLIC EMPLOYER PARTICIPATION IN WORK AUTHORIZATION PROGRAM This bill requires public employers to register and participate in the federal work authorization program to verify information of all new employees. This bill prohibits a public employer from contracting for the physical performance of services unless the contractor registers [...] show full description HB0429
Latest Action: 06/06/2007 - Taken Off Notice For Calendar in Subcommittee Budget of Finance, Ways and Means of Finance, Ways & Means Committee Bill Text Immigrants - Revokes franchise and excise tax exemptions or credits of any person who knowingly employs an illegal immigrant in this state. - Amends TCA Title 67. Fiscal Summary for *HB0429 / SB0931Increase State Expenditures - $354,000 Recurring $170,000 One-Time Other Fiscal Impact - An increase to franchise and excise tax revenues for the state. However, the extent of any increased state revenues cannot be quantified because any such amount is dependent upon multiple unknown factors. HB0440
Latest Action: 02/08/2007 - Passed second consideration, Referred to Government Operations for review--Judiciary Bill Text Companion Bill SB0544. Immigrants - Enacts the "Tennessee Immigration Compliance Act." - Amends TCA Title 4; Title 12; Title 38; Title 39; Title 41; Title 67 and Title 71. Fiscal Summary for *HB0440 / SB0544Increase State Expenditures - $1,870,900 Recurring $140,000 One-Time $52,700 Incarceration* Increase Local Govt. Expenditures - Exceeds $1,000,000** Bill Summary for *HB0440 / SB0544 This bill establishes various provisions regarding immigrants in this state. PUBLIC EMPLOYER PARTICIPATION IN WORK AUTHORIZATION PROGRAM This bill requires public employers to register and participate in the federal work authorization program to verify information of all new employees. This bill prohibits a public employer from contracting for the physical performance of services unless the contractor registers [...] show full description HB0263
Latest Action: 05/07/2008 - Taken Off Notice For Calendar in Subcommittee Budget of Finance, Ways and Means of Finance, Ways & Means Committee Bill Text Taxes, Excise - Allows credit against excise tax in amount equal to 15 percent of taxpayer's expenditures in state for research and experimental purposes. - Amends TCA Title 67, Chapter 4. Fiscal Summary for HB0263 / *SB0179Decrease State Revenues - Exceeds $9,000,000 - FY06-07 Exceeds $58,000,000 - FY07-08 and thereafter Increase State Expenditures - $137,000 One-Time SB0179
Latest Action: 05/09/2007 - Assigned to Gen. Sub of Senate Tax Sub Comm. Bill Text Taxes, Excise - Allows credit against excise tax in amount equal to 15 percent of taxpayer's expenditures in state for research and experimental purposes. - Amends TCA Title 67, Chapter 4. Fiscal Summary for *SB0179 / HB0263Decrease State Revenues - Exceeds $9,000,000 - FY06-07 Exceeds $58,000,000 - FY07-08 and thereafter Increase State Expenditures - $137,000 One-Time |
 Bill Categories in Tennessee
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