United States:
Tennessee Enacts Single Sales Factor Apportionment For Manufacturing Businesses, Provides Hall Income Tax Phase-Out Schedule
30 June 2017
Grant Thornton LLP
To print this article, all you need is to be registered or login on Mondaq.com.
On April 26, 2017, Tennessee Governor Bill Haslam
signed the “Improving Manufacturing, Public Roads and
Opportunities for a Vibrant Economy (IMPROVE) Act” or the
“2017 Tax Cut Act” which allows certain manufacturing
businesses to elect single sales factor apportionment for franchise
and excise tax purposes. The legislation also reduces the
state’s sales tax rate on the retail sale of food and food
ingredients and provides a formal phase-out schedule for the Hall
income tax.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Tax from United States