A business climate
conducive to healthy
growth.
Tennessee offers
corporations and
citizens a
competitive tax
structure that
provides a
cost-effective place
to live and operate
their businesses.
Selected Tax
Incentives
-
Industrial
machinery
tax credit
of 1% of
purchase
price.
-
Net
operating
loss carries
forward 15
years.
-
Jobs tax
credit of
$4,500 per
new,
full-time
employee for
eligible
businesses
that meet
requirements
of increased
employment
and
additional
capital
investment.
-
Pollution
control
equipment is
exempt from
the
franchise
tax.
-
No sales tax
on
industrial
machinery
(machinery
that is
necessary
and
primarily
for the
fabrication
of a
product).
-
No sales tax
on repairs
to
industrial
machinery.
-
No sales tax
on pollution
control
equipment.
-
No state
property
tax.
-
No property
tax on
goods-in-process.
-
No property
tax on
finished
goods
inventories.
-
No property
tax on
goods-in-transit
(Freeport).
-
No state
personal
income tax
on wages or
salaries,
however,
certain
dividend and
interest
income
received by
a Tennessee
resident is
taxable.
-
Tennessee is
one of only
eight states
with a AAA
bond rating.
-
Tennessee is
a
right-to-work
state.
-
Tennessee\\\'s
constitution
requires a
balanced
state
budget.
Summary of
Greeneville/Greene
County Taxes
Property tax per
$100 assessed value:
City $2.29
County $1.95
(outside city
limits)---$1.70
(inside city
limits)
Property is assessed
by the following
methods:
Residential 25%
Commercial/Industrial
40%
Personal Property
Tax 30%
Sales Tax:
State 7.0%
Local 2.75%
Hotel/Motel Tax:
County 7.0%
Wheel Tax:
All county residents
pay a $20.00 wheel
tax for each
registered vehicle.
According to the
U.S. Department of
Commerce, the tax
burden in Tennessee
for both businesses
and individuals is
among the lowest in
the nation and
lowest of all
southern states.
|
Tax
|
State
|
Local
|
|
Corporate/Excise
|
6%
|
None
|
|
Franchise
|
.25 per
$100
|
None
|
|
Sales
and Use
|
6%
|
1 -
2.75%
|
|
Services
|
6.75%
|
.75 -
2.0%
|
|
General
Property
(city)
|
None
|
$2.29/$100
assessed
value
|
|
General
Property
(county)
|
None
|
$1.95/$100
assessed
value
|
|
Initial
Corporate
Org. Fee
|
$100-$600
|
None
|
|
Utility
Gross
Receipts
|
3%
|
None
|
|
Personal
Income
|
6% of
interest
dividends
|
None
|
|
Unemployment
Insurance
|
2.7% new
employers
|
None
|
|
State
|
State
Taxes as
a % of
Personal
Income
|
State
Taxes
per
$1,000
of
Personal
Income
|
State
Taxes
per
Capita
|
|
W.
Virginia
|
9.0
|
$94.55
|
$1,983.08
|
|
Kentucky
|
8.7
|
$91.11
|
$2,021.56
|
|
Mississippi
|
7.1
|
$74.55
|
$1,717.25
|
|
S.
Carolina
|
7.2
|
$74.20
|
$1,531.98
|
|
N.
Carolina
|
6.9
|
$72.42
|
$1,885.17
|
|
Arkansas
|
6.9
|
$70.86
|
$1,887.58
|
|
Louisiana
|
6.7
|
$70.37
|
$1,656.48
|
|
Alabama
|
6.2
|
$64.87
|
$1,425.54
|
|
Georgia
|
6.2
|
$64.52
|
$1,544.23
|
|
Florida
|
5.5
|
$56.94
|
$1,580.90
|
|
Virginia
|
5.4
|
$56.07
|
$1,755.91
|
|
TENNESSEE
|
5.3
|
$55.59
|
$1508.32
|
|
United
States
|
6.5
|
$66.81
|
$1,883.56
|
SOURCE: Tax
Collections-U.S.
Department of
Commerce, Bureau of
the Census, State
Government, Tax
Collections in 2003.
Personal Income-U.S.
Department of
Commerce, Bureau of
Economic Analysis,
Survey of Current
Business, Dec. 2003.
Population-U.S.
Department of
Commerce, Bureau of
the Census. |
|
|
COLDWELL BANKER
Associated Realty Group
2120 E Andrew Johnson Hwy
Greeneville, TN 37745
Coldwell Banker© is a
registered Trademark of Coldwell Banker Corporation.
An Equal Opportunity Company. Equal Housing
Opportunity.
Each Office Is Independently Owned And Operated.
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