A corporation having a net loss in any year may carry the loss forward three subsequent years in determining their tax liability. Losses cannot be carried back, however. Cost price of each article use, consumed or stored for use in Tennessee. No tax on industrial machinery, repairs to industrial machinery, or on air and water pollution control equipment. Local Business Gross Receipts Taxes Local governments in Tennessee levy a tax on the gross receipts of specific types of businesses including retailers, wholesalers, restaurants, real estate companies, and contractors.
Due dates vary by classification of taxpayers.
The tax is levied as a substitute of a property tax on inventories. Businesses exempted include manufacturers, employees of businesses, certain blind persons, disabled veterans, and the services of certain professionals.