Amends TCA Section 67-4-2006.
Tennessee SB0439 amends TCA Section 67-4-2006 to allow taxpayers the discretion to add back certain deductions to their net earnings for the purpose of calculating the excise tax. This change affects taxpayers by permitting them to adjust their net earnings based on specific deductions taken from federal taxable income and previously subtracted amounts. Key provisions include the ability for taxpayers to make, adjust, or remove these additions on timely filed original or amended returns, with the stipulation that net earnings cannot be reduced below the amount that would have been computed without the amendment.
Tennessee SB0439 amends TCA Section 67-4-2006 to allow taxpayers the discretion to add back certain deductions to their net earnings for the purpose of calculating the excise tax. This change affects taxpayers by permitting them to adjust their net earnings based on specific deductions taken from federal taxable income and previously subtracted amounts. Key provisions include the ability for taxpayers to make, adjust, or remove these additions on timely filed original or amended returns, with the stipulation that net earnings cannot be reduced below the amount that would have been computed without the amendment.
Track Tennessee Legislation Like a Pro
Join hundreds of professionals using LegisGo to stay ahead of legislative changes.
Instant Alerts
Get notified when bills you track move through the legislature
AI Summaries
Understand complex legislation in seconds with AI-powered analysis
Full Access
All 132 legislators, committee schedules, and voting records