Helpful Information
The Tennessee General Assembly has passed the "Technical Corrections Bill," and Governor Bredesen signed the bill into law on June 25, 2009. There are significant changes within this bill including:
- Specifies industrial and commercial property rental income will no longer qualify as passive investment income for the purpose of exemption from Tennessee franchise, excise tax.
- Delays the effective date of the Streamlined Sales Tax legislation until 2011.
- Clarifies the definition of computer software created "in-house" for sales tax.
- Decreases the threshold for electronic payment of sales tax from $2,500 to $1,000.
- Changes the administration of the business tax along with other additions and clarifications to the business tax.
For all the details and the full article, please visit: http://www.tscpa.com/hotwire/2009_budget.htm