Tag: Tennessee
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Tennessee’s Depreciation Treatment for Assets Pre- and Post-2023
Effective from January 1, 2023, Tennessee has adopted the provisions of IRC Section 168 as they were established by the 2017 tax reform legislation for assets purchased during that period. This means that bonus depreciation, previously not conforming with Tennessee tax laws, is now applicable. As a result, taxable income no longer requires a modification…
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The Single Sales Factor Phase-In in Tennessee
Previously, Tennessee used a fraction-based apportionment method for its excise tax. The numerator of the fraction included the property factor, the payroll factor, and three times the receipts factor. However, with the implementation of H.B. 323, Tennessee is phasing in a single sales factor approach. Here are the key changes: Starting from tax years ending…