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Franchise Tax in Tennessee

April 13, 2006

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In Tennessee, a domestic corporation (a corporation organized in Tennessee) or a foreign corporation (a corporation organized in a state other than Tennessee) must file an annual franchise tax report.

The annual franchise tax is payable to the Secretary of State. The franchise tax is based on outstanding capital stock (the total amount of stock authorized for issue by a corporation), surplus, and undivided profits. The measure of the franchise tax may not be less than the actual value of the property owned or property used in Tennessee, excluding specific exempt inventory levels. The franchise tax is computed at $.25 per $100, of the outstanding capital stock, surplus and undivided profits. The minimum tax is $100.

Each domestic or foreign corporation qualified to do business in Tennessee must also file an annual report along with a filing fee of $20 to the Tennessee Secretary of State.

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