As originally enacted, 2024 Public Chapter 950 provides that if a taxpayer paid the franchise tax based upon the minimum measure tax base found at Tenn. Code Ann. Section 67-4-2108, then the Tennessee Department of Revenue...more
Gov. Bill Lee recently signed into law Public Chapter 950, which creates significant changes in how Tennessee's franchise tax is calculated. Until now, the franchise tax has been calculated based on 1) a taxpayer's...more
Commissioner of the Tennessee Department of Revenue (Department), David Gerregano, recently testified before the Revenue Subcommittee of the Senate Finance, Ways and Means Committee, regarding the Department's proposed...more
The issue of whether receipts from the sale of securities should be included in the franchise tax apportionment factor on a gross or net basis may be heard by the Texas Supreme Court after all. There are two cases, Citgo...more
This Alert summarizes the major tax provisions included in legislation passed by the 2015-2016 North Carolina General Assembly in its short session, which concluded earlier this month. The most widely discussed tax...more