Tennessee § 67-4-701 Short title - Nature of tax - Legislative intent

Tennessee Statutes

§ 67-4-701 — Short title - Nature of tax - Legislative intent

Tennessee § 67-4-701

Title67

This text of Tennessee § 67-4-701 (Short title - Nature of tax - Legislative intent) is published on Counsel Stack Legal Research, covering Tennessee primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Tenn. Code Ann. § 67-4-701 (2026).

Text

(a)This part shall be known and may be cited as the "Business Tax Act" and the taxes imposed by this part shall be in addition to all other privilege taxes.

(b)It is the legislative intent that the taxes imposed by this part shall be in lieu of any or all ad valorem taxes on the inventories of merchandise held for sale or exchange by persons taxable under this part.

(c)It is the legislative intent, within the framework of this part, to recognize that there are limitations upon state taxation imposed by the constitutions of the United States and of this state and not to impose the tax where prohibited by the constitutions; but it is intended to impose that tax to the extent permitted under such constitutions and the words of imposition used in this section.

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(a) This part shall be known and may be cited as the "Business Tax Act" and the taxes imposed by this part shall be in addition to all other privilege taxes. (b) It is the legislative intent that the taxes imposed by this part shall be in lieu of any or all ad valorem taxes on the inventories of merchandise held for sale or exchange by persons taxable under this part. (c) It is the legislative intent, within the framework of this part, to recognize that there are limitations upon state taxation imposed by the constitutions of the United States and of this state and not to impose the tax where prohibited by the constitutions; but it is intended to impose that tax to the extent permitted under such constitutions and the words of imposition used in this section.