All Taxes, Franchise 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 Latest Action: 02/07/2008 - Passed second consideration, caption bill, held on desk - pending amdt. Bill Text Taxes, Franchise - Corrects internal cross-references in franchise tax provisions to clarify to whom the tax applies. - Amends TCA Title 67. Fiscal Summary for *HB4193 / SB4191MINIMAL SB4191
Latest Action: 05/22/2008 - Placed on Senate Tax Sub Committee of F,W&M. Calendar for 05/14/2008 Bill Text Taxes, Franchise - Corrects internal cross-references in franchise tax provisions to clarify to whom the tax applies. - Amends TCA Title 67. Fiscal Summary for SB4191 / *HB4193MINIMAL 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 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 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 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 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 Latest Action: 06/27/2007 - Public Chapter 500 Bill Text Companion Bill SB2198. Taxes - Enacts the "Local Tourism Development Zone Business Tax Act." - Amends TCA Title 67. Fiscal Summary for *HB2296 / SB2198State Revenues - Net Impact - Not Significant Bill Summary for *HB2296 / SB2198 This bill revises various provisions of the state's tax code, as follows: (1) Present law imposes a tax on the recordation of transfers of realty. Certain transfers are exempt from the tax, including transfers of real estate to a revocable living trust. This bill revises the exemption from the recordation tax regarding revocable trusts to instead exempt the transfers of real estate to a revocable living trust under which the real estate reverts back to the transferor if the trust is revoked. (2) Under present law, the minimum franchise tax payable under the Franchise Tax Law is $100. This bill [...] show full description SB2198
Latest Action: 06/27/2007 - Companion became Public Chapter 500 Bill Text Companion Bill HB2296. Taxes - Enacts the "Local Tourism Development Zone Business Tax Act." - Amends TCA Title 67. Fiscal Summary for SB2198 / *HB2296State Revenues - Net Impact - Not Significant Bill Summary for SB2198 / *HB2296 This bill revises various provisions of the state's tax code, as follows: (1) Present law imposes a tax on the recordation of transfers of realty. Certain transfers are exempt from the tax, including transfers of real estate to a revocable living trust. This bill revises the exemption from the recordation tax regarding revocable trusts to instead exempt the transfers of real estate to a revocable living trust under which the real estate reverts back to the transferor if the trust is revoked. (2) Under present law, the minimum franchise tax payable under the Franchise Tax Law is $100. This bill [...] show full description HB2084
Latest Action: 06/12/2007 - Held on desk. Bill Text Companion Bill SB1719. Taxes, Franchise - Creates a franchise tax credit for Tennessee businesses that establish or operate a call center or distribution facility in a county with a population less than 55,000 according to the 2000 census. - Amends TCA Title 67, Chapter 4, Part 21. Fiscal Summary for HB2084 / *SB1719Decrease State Revenues - $500,000 Increase State Expenditures - $100,000 One-Time Other Fiscal Impact - Any decrease to state tax revenues resulting from the franchise tax credit proposed could be offset by a subsequent increase to state revenues resulting from new economic activity that could occur as a result of this legislation. This portion of the fiscal impact is dependent upon several unknown factors and is not quantifiable as a result. Bill Summary for HB2084 / *SB1719 This bill authorizes a credit against the sum total of [...] show full description 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 SB1719
Latest Action: 06/11/2007 - Engrossed; ready for transmission to House Bill Text Companion Bill HB2084. Taxes, Franchise - Creates a franchise tax credit for Tennessee businesses that establish or operate a call center or distribution facility in a county with a population less than 55,000 according to the 2000 census. - Amends TCA Title 67, Chapter 4, Part 21. Fiscal Summary for *SB1719 / HB2084Decrease State Revenues - $500,000 Increase State Expenditures - $100,000 One-Time Other Fiscal Impact - Any decrease to state tax revenues resulting from the franchise tax credit proposed could be offset by a subsequent increase to state revenues resulting from new economic activity that could occur as a result of this legislation. This portion of the fiscal impact is dependent upon several unknown factors and is not quantifiable as a result. Bill Summary for *SB1719 / HB2084 This bill authorizes a credit against the sum total of [...] show full description 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. 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. |
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