Amends TCA Title 67, Chapter 4, Part 20.
Tennessee SB0032 amends the tax code regarding the computation of "net earnings" or "net loss" for excise tax purposes, specifically for depreciable assets. It affects corporations and other taxpayers treated as corporations for federal tax purposes, allowing them to deduct 40% of the cost of assets purchased between January 1, 2026, and the end of that tax year, with provisions for alignment with any federal increases in bonus depreciation. The bill also maintains the application of the Internal Revenue Code as amended by the Tax Cuts and Jobs Act of 2017 for assets purchased after January 1, 2023, and before January 1, 2026.
Tennessee SB0032 amends the tax code regarding the computation of "net earnings" or "net loss" for excise tax purposes, specifically for depreciable assets. It affects corporations and other taxpayers treated as corporations for federal tax purposes, allowing them to deduct 40% of the cost of assets purchased between January 1, 2026, and the end of that tax year, with provisions for alignment with any federal increases in bonus depreciation. The bill also maintains the application of the Internal Revenue Code as amended by the Tax Cuts and Jobs Act of 2017 for assets purchased after January 1, 2023, and before January 1, 2026.
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