A resident individual who is a shareholder of a Subchapter S corporation that is incorporated and doing business in another state may deduct from the tax otherwise due under this chapter the tax paid to the other state as a result of such income, distributions or dividends; provided, that there exists a tax credit reciprocity agreement between Tennessee and the other state. In no case shall the credit permitted under this section exceed the tax that would be payable to this state.
Structure 2021 Tennessee Code
§ 67-2-101. Chapter Definitions
§ 67-2-102. Imposition, Rate and Collection of Tax
§ 67-2-103. Tax for State Purposes Only
§ 67-2-105. Back Assessments Prohibited
§ 67-2-109. Brokers — Liability for Return and Tax
§ 67-2-117. Commissioner — Payment of Revenue to Comptroller of the Treasury
§ 67-2-118. Disposition of Proceeds From Penalties
§ 67-2-122. Taxes Paid on Out-of-State Shares of Subchapter S Corporation