67-5-1101 - Stock assessed as personalty of stockholders. - Tennessee Statutes

67-5-1101. Stock assessed as personalty of stockholders.

(a)  The shares of stock of stockholders of any loan company, or investment company, or cemetery company, shall be assessed and taxed for state, county and municipal purposes as the personal property of the stockholders, whether they reside within or without the state; provided, that the assessment of such shares of stock as the property of the stockholders shall be in lieu of any assessment or taxation of the capital stock or corporate property of such corporation; and provided further, that the aggregate tax on all shares of stock in any one (1) corporation shall be reduced by the amount of tax paid by such corporation under chapter 4, part 7 of this title, known as the “Business Tax Act.”

(b)  Notwithstanding subsection (a), no tax under this part shall be imposed on:

     (1)  The shares of stock of any person registered as a broker or a dealer under § 3(a)(4) or (5) of the Securities Exchange Act of 1934, codified in 15 U.S.C. § 78c(a)(4) or (a)(5), or any successor provision, regardless of any related or incidental activities carried on by the person in connection with its business as a broker or a dealer; or

     (2)  Any qualified financing entity as defined in § 67-4-2004 or its affiliates.

[Acts 1907, ch. 602, § 24; Shan., § 790; Acts 1927, ch. 39, § 1; Code 1932, § 1391; Acts 1968, ch. 431, § 8; 1977, ch. 140, § 2; T.C.A. (orig. ed.), § 67-715; Acts 2000, ch. 870, § 2; 2009, ch. 530, § 106.]