§ 56-4-304 — Rate of tax

(a) Each investment company, as defined in §§ 56-4-301 and 56-4-303 , shall pay annually to the commissioner of revenue the tax provided under this part, which tax shall be measured as to each investment company engaged in business wholly within this state, by the entire gross profits or income of the investment company during the year for which the tax is payable; and as to each investment company engaged in business or operating partly within and partly without the state, the tax shall be measured by the portion of the gross profits or income of the investment company allocated to the state, as provided in § 56-4-306 . (b) The tax as to each investment company engaged in business or operating wholly within the state shall be an amount equivalent to two percent (2%) of the aggregate or total of the gross profits or income of the investment company, and as to each investment company engaged in business or operating partly within and partly without the state, the tax shall be an amount equivalent to two percent (2%) of the portion of the aggregate or total of the gross profits or income of the investment company allocated to this state, as provided in § 56-4-306 .

Legislative History

Acts 1939, ch. 187, § 3; 1943, ch. 127, § 3; C. Supp. 1950, § 1248.35 (Williams, § 1248.162); modified; T.C.A. (orig. ed.), §§ 67-4403, 67-4-1204.