Period Covered by Tax — Refund

1. Law
2. Tennessee Code
3. Taxes and Licenses
4. Privilege and Excise Taxes
5. General Revenue Law — Administration of Gross Receipts Taxes
6. Period Covered by Tax — Refund

1. The taxes levied by sections providing for administration under this part are declared to be imposed for the privilege of engaging in business for the year beginning on July 1, even though such tax is made payable on the following August 1, and even though such tax is measured by gross receipts for the preceding fiscal or calendar year.
2. Whenever the operation of a business ceases during the privilege tax year, the business is entitled to a prorated refund of tax for the portion of such year during which it did not operate; provided, that the refund amount exceeds ten dollars ($10.00). This subsection (b) does not apply, however, to transfers of existing businesses.

Download our app to see the most-to-date content.