67-4-714 - Inactive or terminated taxable entities not relieved from filing a return and paying business tax. - Tennessee Statutes

67-4-714. Inactive or terminated taxable entities not relieved from filing a return and paying business tax.

A taxable entity that is incorporated, domesticated, qualified or otherwise registered to do business in this state, but is, or has become, inactive in this state, or whose charter, domestication, qualification or other registration is forfeited, revoked or suspended without the entity being properly dissolved, surrendered, withdrawn, cancelled or otherwise properly terminated, shall not be relieved from filing a return and paying the business tax, which shall be no less than the minimum tax established in this section as follows:

     (1)  Notwithstanding § 67-4-709(1)-(4) for taxpayers included in classifications (1)-(4) in § 67-4-708, the minimum business tax shall be twenty-two dollars ($22.00) per annum after applying all deductions and credits set forth in §§ 67-4-711 and 67-4-713. In the case of coin-operated machines, only the principal place of business shall be subject to the minimum tax.

     (2)  Notwithstanding § 67-4-709(5) for taxpayers included in Classification (5) in § 67-4-708, the minimum tax payable shall be four hundred fifty dollars ($450) per annum after applying all deductions and credits set forth in §§ 67-4-711 and 67-4-713; however, under no circumstances shall the tax payable under § 67-4-709(5) be more than one thousand five hundred dollars ($1,500) per annum after applying all deductions and credits set forth in §§ 67-4-711 and 67-4-713.

[Acts 1971, ch. 387, § 7; modified; Acts 1972, ch. 850, § 7; 1973, ch. 172, § 1; 1973, ch. 208, §§ 1, 2; 1977, ch. 314, § 1; T.C.A., § 67-5807; Acts 1984, ch. 832, §§ 28, 29; 2009, ch. 530, § 82.]