Bill > SB1934

This bill: Eliminates the grocery tax in Tennessee, enacts the "Business Enterprise Tax Act" which imposes a 0.75% tax on the enterprise value tax base (comprised of compensation, interest, and dividends) of certain business enterprises, and enacts the "Worldwide Combined Reporting Act" which requires unitary businesses to report their entire worldwide net earnings and apportion them based on a set formula. The bill also makes various changes to the franchise and excise tax laws, such as expanding the definition of "business enterprise" and eliminating certain deductions and apportionment provisions related to "intangible property". The bill takes effect on January 1, 2025 and applies to tax years beginning on or after that date.