§ 13-28-203 — Part definitions

As used in this part, unless the context otherwise requires: (1) "Board" means the local enterprise zone management board appointed by a municipality; (2) "Enterprise zone" means an area declared by the board to be eligible for the benefits of this part; (3) "Municipality" means an incorporated city which has adopted home rule or county which has adopted a metropolitan form of government in accordance with the Constitution of Tennessee, art. XI, § 9, and any county which has adopted a charter form of government pursuant to the Constitution of Tennessee and title 5, chapter 1, part 2; (4) "Qualified business" means any person, corporation or other entity engaged in the active conduct of a trade or business within a designated enterprise zone, except that for chain stores or other businesses or industries with multiple locations, only those locations or operations within the zone shall be considered as qualified businesses; and (5) "Qualified property" means: (A) Any tangible personal property which is used predominately by the taxpayer in an enterprise zone in the active conduct of a trade or business; (B) Any real property located in such a zone which is used predominately by the taxpayer for residential purposes or in the active conduct of a trade or business, or is sold or exchanged by an individual whose principal residence is in such a zone; or (C) Any interest in a corporation, partnership, or other entity if, for the most recent taxable year of such entity ending before the date of the sale or exchange, such entity was a qualified business.

Legislative History

Acts 1989, ch. 541, § 3.