This provision is not limited solely to distribution centers. This provision excludes any location where tangible personal property is manufactured or sold directly to customers. Assessments of utilities in each county are reduced by the State Board of Equalization by percentages equivalent to the underassessment of locally assessed property, as found by sales ratio studies. The excise tax return is due on the first day of the fourth month following the close of the taxpayer's fiscal year. All taxes are deductible in determining the State excise tax base, except income taxes paid to the Federal Government or a foreign government.
Exemptions are the same as for the franchise tax.
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.