View Changes And Revision History Of Legal Tennessee Franchise Forms For Free

Please mail completed applications and annual renewals to: Tennessee Department of Revenue, 500 Deaderick Street, Nashville, TN 37242. For questions or assistance with this form, please call (615) 253-0700, Monday through Friday, from -, Central time or visit .tn.gov/revenue for more detailed information.

Overview. If you are a corporation, limited partnership, limited liability company, or business trust chartered, qualified, or registered in Tennessee or doing business in this state, then you must register for and pay franchise and excise taxes.

The franchise tax rate is $0.0025 ($2,500 of tax for each $1 million of tax base). Under this legislation, the first $500,000 of property will be excluded from the minimum measure base, which will provide a $1,250 franchise tax reduction to those taxpayers that pay franchise tax on the minimum measure base.

There is no state income tax in Tennessee. This means you don't have to file an individual state income tax return each year. That said, while there is no state income tax in Tennessee, LLCs will most likely need to pay the Tennessee Business Tax, Franchise Tax, and Excise Tax each year.

Entities having not-for-profit status are specifically excluded from taxation. However, a not-for-profit entity will be subject to the franchise tax on all of its Tennessee net worth, or real or tangible personal property owned or used, that is attributable to activities subject to federal income tax under IRC Sec.

Overview. If you are a corporation, limited partnership, limited liability company, or business trust chartered, qualified, or registered in Tennessee or doing business in this state, then you must register for and pay franchise and excise taxes.