Amends TCA Section 67-4-2006.
Tennessee HB0635 amends TCA Section 67-4-2006 to allow taxpayers to add back certain deductions to their net earnings for excise tax purposes. This affects taxpayers who are eligible to make discretionary additions to their net earnings based on deductions taken from their federal taxable income. Key provisions include the ability for taxpayers to adjust these additions on timely filed original or amended returns, provided that such adjustments do not reduce net earnings below the amount computed without the amendment.
Tennessee HB0635 amends TCA Section 67-4-2006 to allow taxpayers to add back certain deductions to their net earnings for excise tax purposes. This affects taxpayers who are eligible to make discretionary additions to their net earnings based on deductions taken from their federal taxable income. Key provisions include the ability for taxpayers to adjust these additions on timely filed original or amended returns, provided that such adjustments do not reduce net earnings below the amount computed without the amendment.
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