What entities are exempt from franchise and excise tax in Tennessee?

The State of Tennessee imposes two taxes for the privilege of doing business within its boundaries. These taxes are the excise tax and the franchise tax and they are imposed on corporations and most limited liability companies. General partnerships and sole proprietorships are not subject to these taxes.

What businesses are tax exempt in Tennessee?

Certain entities under specific circumstances are exempt from paying the business tax. These may include, but are not limited to, people acting as employees, manufacturers, religious and charitable entities selling donated items, direct-to-home satellite providers, and movie theaters.

Who is subject to business tax in Tennessee?

With a few exceptions, all businesses that sell goods or services must pay the state business tax. This includes businesses with a physical location in the state as well as out-of-state businesses performing certain activities in the state.

What is a minimum business license in Tennessee?

Obtain a Business License The licenses vary based upon gross sales thresholds, which are as follows: No business license: Under $3,000 in gross sales. Minimum activity license: Between $3,000 and $100,000* in gross sales. A business tax account and filing are not required with a minimum activity license.

Does an LLC pay franchise and excise tax in Tennessee?

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.

Who is exempt from business tax in Tennessee?

Certain entities under specific circumstances are exempt from paying the business tax. These may include, but are not limited to, people acting as employees, manufacturers, religious and charitable entities selling donated items, direct-to-home satellite providers, and movie theaters.

What is the 9.75% tax in Tennessee?

Tennessee has a statewide sales tax rate of 7%. However, local counties and municipalities can also add their own rates on top of this. The maximum additional rate is 2.75%, bringing Tennessee's maximum sales tax amount to 9.75%.

What is an obligated member entity in Tennessee franchise and excise tax?

An obligated member entity (OME) entails unlimited liability protections and exemption from state taxes. Tennessee levies excises and franchise taxes on all legal entities, unless a company can gain exemption.

Get Tn Bus 424 2016-2025

Ion Address Make your check payable to Tennessee Department of Revenue and mail to: Tennessee Department of Revenue Andrew Jackson State Office Building 500 Deaderick Street Nashville, Tennessee 37242 Classification Name: Should you need assistance, please contact the Taxpayer Services Division by calling our statewide numbers: 1-800-342-1003 or (615) 253-0600. Address: (Addr.

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