2021 Tennessee Code
Part 21 - Franchise Tax Law of 1999
§ 67-4-2109. Credit for Gross Premiums Tax and Job Tax

[Expired July 1, 2015; see (3)(H)(ii)]
[Expired July 1, 2015; see (3)(J)(ii)]
[Expired July 1, 2015; see (g)(11)]
[Expired July 1, 2015; see (i)(2)]
[Expired July 1, 2015; see (m)(6)]
[Expired July 1, 2015; see (n)(2)]
[Expired July 1, 2015; see (o)(6)]
[Expired July 1, 2015; see (p)(2)]
If determined to be in the best interests of the state, the commissioner is further authorized to allow a relocation expense credit to any scrap metal processing facility relocating from a central business district or an area adjacent to the central business district and separated only by a waterway. Such credit shall be equal to the amount of relocation expenses incurred and paid by the facility but shall not exceed the amount of credit allowed under subdivision (g)(3)(E) for the relocation of staff employees of a headquarters facility.
The Tennessee housing development agency;
A public housing authority, including an entity created and controlled by such authority, or a wholly-owned subsidiary of such authority, that engages in eligible activity on behalf of such authority; or
A development district, including a development district that engages in eligible activity;
“Financial institution” has the definition as provided in § 67-4-2004;
“Low-income” means any individual or family at or below eighty percent (80%) of the applicable area median family income as determined by family size;
“Qualified loan” means a loan that is at least two percent (2%) below the prime rate, as published by the Wall Street Journal at the time the loan is approved, that does not qualify as a qualified low-rate loan;
“Qualified long-term investment” means an equity investment made for a period of more than five (5) years to an eligible housing entity; and
“Qualified low-rate loan” means a loan that is at least four percent (4%) below the prime rate, as published by the Wall Street Journal at the time the loan is approved.
In order to take the credit, the regulated financial institution must maintain a certification from the Tennessee housing development agency establishing entitlement to the credit.
The eligible housing entity receiving the funds must maintain such records as required by the Tennessee housing development agency, to ensure that affordable housing opportunities are being provided.
The department of revenue is authorized to share with the Tennessee housing development agency information necessary to effectuate the purposes of this subsection (h). The Tennessee housing development agency shall be bound by restrictions on disclosure of such information otherwise applicable to the department of revenue.
The commissioner of revenue and the executive director of the Tennessee housing development agency are authorized to promulgate rules and regulations to effectuate the purposes of this subsection (h). All such rules and regulations shall be promulgated in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5.
Any unused credit allowed under subdivision (h)(1)(A) or (h)(2)(A) may be carried forward for fifteen (15) years after the tax year in which the credit originated. Any unused credit allowed under subdivision (h)(1)(B) or (h)(2)(B) shall not be carried forward beyond the tax year in which the credit originated.
(1) A taxpayer that has established its international, national, or regional headquarters in this state and has met the requirements to qualify for the credit provided in § 67-6-224 shall be allowed a credit against the franchise tax imposed under this part equal to the rate of tax imposed under § 67-4-2007 multiplied by any net operating loss incurred by the taxpayer during the tax year covered by the return, or properly carried over from a previous tax year, in accordance with § 67-4-2006; provided, that the credit allowed in this subsection (i) shall only be available if the taxpayer is unable to use the loss or loss carryover to offset net income during the current tax year for excise tax purposes. If a net operating loss or loss carryover is used to calculate a credit under this subsection (i), it shall no longer be available as a deduction for excise tax purposes, and under no circumstances shall the same net operating loss be used for both franchise and excise tax purposes. The credit in this subsection (i) shall only be available upon a determination by the commissioner of revenue and the commissioner of economic and community development that the utilization of net operating losses or loss carryovers against the taxpayer's franchise tax liability is in the best interests of the state. For purposes of this subsection (i), “best interests of the state” means a determination that the taxpayer established its headquarters in this state or converted a regional headquarters in this state into its national or international headquarters as a result of such action. The commissioner of revenue and the commissioner of economic and community development shall determine the period during which the credit provided by this subsection (i) shall be allowed to the taxpayer.
This subsection (i) shall expire on July 1, 2015; provided, that any taxpayer that has filed a business plan with the department prior to July 1, 2015, shall continue to be eligible for the credit.