Tennessee Free Printable Schedule T - Industrial Machinery Tax Credit for 2017 Tennessee Schedule T - Industrial Machinery Tax Credit

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Schedule T - Industrial Machinery Tax Credit
Schedule T - Industrial Machinery Tax Credit

TENNESSEE DEPARTMENT OF REVENUE INDUSTRIAL MACHINERY TAX CREDIT TAXABLE YEAR TAXPAYER NAME ACCOUNT NO./FEIN/SSN Franchise and excise taxes may be reduced by a credit on industrial machinery purchased during the tax period covered by the return and located in Tennessee. The credit is computed at 1% of the purchase price of qualified industrial machinery. The credit taken on any return cannot exceed 50% of the current year’s franchise and excise tax liability, but any unused credit may be carried forward 15 years under T.C.A. Section 67-4-2009(4). SCHEDULE T (FORM FAE 170) - SCHEDULE OF INDUSTRIAL MACHINERY PART 1 TAX CREDIT COMPUTATION 1. Purchase price of machinery ....................................................................................................................... (1) 2. Percentage allowed ...................................................................................................................................... (2) _________________ 1% _________________ 3. Original credit (Line 1 multiplied by Line 2) ................................................................................................. (3) _________________ 4. Credit available from prior year(s) (From Schedule V) ................................................................................ (4) _________________ 5. Total credit available (Add lines 3 and 4) ..................................................................................................... (5) _________________ 6. Franchise and Excise Tax liability before any credits (From Schedule A, Line 3 plus Schedule B, Line 5 )(6) _________________ 7. Limitation on Credit (50% of line 6) .............................................................................................................. (7) _________________ 8. Franchise and Excise Tax liability before any credits (From Schedule A, Line 3 plus Schedule B, Line 5 )(8) _________________ 9. Credits from Schedule D, Lines 1, 2, 3, and 6 ............................................................................................. (9) _________________ 10. Tax before Industrial Machinery Credit (Line 8 less Line 9) ...................................................................... (10) _________________ 11. Amount available in Current Year (Least of Lines 5, 7, or 10; transfer to Schedule D, Line 4) ................ (11) _________________ PART 2 RECAPTURE OF EXCISE TAX CREDIT In the event that any industrial machinery is sold or removed and credit has been taken against franchise and/or excise taxes, the following formula is to be used to recapture the tax credit taken for each item of machinery: Credit taken on purchase of machinery X percentage of useful life remaining at time of sale or removal = Amount of credit to be recaptured. Total amount of recapture to be used to increase franchise and excise tax liability (Transfer to Schedule B, Line 6) ....................................................................................................................................................................... $ _________________ INTERNET (11-06)
Extracted from PDF file 2016-tennessee-fae-schd-t.pdf, last modified December 2006

More about the Tennessee FAE-Schd-T Corporate Income Tax Tax Credit TY 2016

We last updated the Schedule T - Industrial Machinery Tax Credit in February 2017, so this is the latest version of FAE-Schd-T, fully updated for tax year 2016. You can download or print current or past-year PDFs of FAE-Schd-T directly from TaxFormFinder. You can print other Tennessee tax forms here.

Other Tennessee Corporate Income Tax Forms:

TaxFormFinder has an additional 65 Tennessee income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form INC-250 Individual Income Tax Return Kit
Form FAE-170 Franchise and Excise Tax Return Kit
Form FAE-183 Franchise and Excise Tax Annual Exemption Renewal
Form FAE-Qtax Quarterly Franchise, Excise Tax Declaration
FAE-Schd-170NC Consolidated Apportionment Schedule

Download all TN tax forms View all 66 Tennessee Income Tax Forms


Form Sources:

Tennessee usually releases forms for the current tax year between January and April. We last updated Tennessee FAE-Schd-T from the Department of Revenue in February 2017.

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FAE-Schd-T is a Tennessee Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Tennessee FAE-Schd-T

We have a total of three past-year versions of FAE-Schd-T in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2016 FAE-Schd-T

Schedule T - Industrial Machinery Tax Credit

2015 FAE-Schd-T

Schedule T-Industrial Machinery Tax Credit

Schedule T - Industrial Machinery Tax Credit 2012 FAE-Schd-T

Schedule T - Industrial Machinery Tax Credit


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