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Tennessee Schedule X - Franchise Tax Jobs Credit Computation
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with TurboTaxExtracted from PDF file 2023-tennessee-fae-schd-x.pdf, last modified August 2022Schedule X - Franchise Tax Jobs Credit Computation
RV-F1402401 (12/22) Taxable Year Taxpayer Name Account No./FEIN Schedule X - Franchise and Excise Tax Job Credit Computation Part 1 - Standard Job Tax Credit 1. New Tennessee jobs created and filled during the current fiscal year..............................(1) 2. Job Tax Credit from jobs created (multiply Line 1 by $4,500) ..............................................(2) 3. New Tennessee jobs created and filled during the current fiscal year by a taxpayer that qualifies for the higher level of investment and job creation credit under the provisions of Tenn. Code Ann. § 67-4-2109(b)(3)(A)...............................................................(3) 4. Job Tax Credit from jobs created (multiply Line 3 by $5,000)...............................................(4) 5. Job Tax Credit carryover from prior years...............................................................................(5) 6. Total standard Job Tax Credit available (add Lines 2, 4, and 5) ...........................................(6) 7. Total franchise and excise taxes (add Schedule A, Line 3 and Schedule B, Line 5)............(7) 8. Limitation percentage (50% for periods ending on or after July 1, 2009)...........................(8) 9. Multiply Line 7 by Line 8............................................................................................................(9) 10. Total before Part 5 limitation (enter the smaller value of Lines 6 or 9 here, and on Part 5, Line 40)......................................................................................................................... (10) Part 2 - Additional Annual Credit 11. Jobs qualifying for additional annual credit in Tier 2, Tier 3, and Tier 4 Enhancement Counties.................................................................................................................................... (11) 12. Additional Annual Credit - Enhancement Counties (multiply Line 11 by $4,500)............ (12) 13. Jobs qualifying for additional credit based on a higher level of investment and job creation .................................................................................................................................... (13) 14. Additional Annual Credit - Higher Investment Level (multiply Line 13 by $5,000) ......... (14) 15. Jobs qualifying for additional credit based on an Adventure Tourism Zone................... (15) 16. Additional Annual Credit - Adventure Tourism Zone (multiply Line 15 by $4,500) ........ (16) 17. Total Additional Annual Credit (add Lines 12, 14, and 16; enter here and on Part 5, Line 37)......................................................................................................................... (17) ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ % ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ Part 3 - Job Tax Credit for Hiring Persons with Disabilities 18. New full-time Tennessee jobs created and filled during the current fiscal year by qualified persons with disabilities......................................................................................... (18) 19. Job Tax Credit from jobs created (multiply Line 18 by $5,000).......................................... (19) 20. New part-time Tennessee jobs created and filled during the current fiscal year by qualified persons with disabilities......................................................................................... (20) 21. Job Tax Credit from jobs created (multiply Line 20 by $2,000).......................................... (21) 22. Job Tax Credit for hiring persons with disabilities carryover from prior years................ (22) 23. Total Job Tax Credit for hiring persons with disabilities available (add Lines 19, 21, and 22) ..................................................................................................................................... (23) 24. Total franchise and excise taxes (add Schedule A, Line 3 and Schedule B, Line 5)......... (24) 25. Limitation (50% of Line 24)..................................................................................................... (25) 26. Total before Part 5 limitation (enter the smaller value of Lines 23 or 25 here, and on Part 5, Line 41)......................................................................................................................... (26) ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ Taxable Year Taxpayer Name Account No./FEIN Part 4 - Community Resurgence Job Tax Credit 27. New Tennessee jobs created and filled during the current fiscal year in high-poverty area ................................................................................................................... (27) 28. Job Tax Credit from jobs created (multiply Line 27 by $2,500).......................................... (28) 29. Community Resurgence Job Tax Credit carryover from prior years................................. (29) 30. Total Community Resurgence Job Tax Credit available (add Lines 28 and 29) .............. (30) 31. Total franchise and excise taxes (add Schedule A, Line 3 and Schedule B, Line 5)......... (31) 32. Limitation (50% of Line 31)..................................................................................................... (32) 33. Total before Part 5 limitation (enter the smaller value of Lines 30 or 32 here, and on Part 5, Line 42)......................................................................................................................... (33) ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ Part 5 - Calculation of Overall Limitation 34. Total franchise and excise taxes (add Schedule A, Line 3 and Schedule B, Line 5)......... (34) 35. Credits from Schedule D, Line 1 ........................................................................................... (35) 36. Net tax after Gross Premiums Tax Credits (subtract Line 35 from Line 34; if negative, enter zero)............................................................................................. (36) 37. Additional Annual Credit (from Part 2, Line 17)................................................................... (37) 38. Total Additional Annual Credit allowable in current year (enter the smaller value of Line 36 or 37 here, and on FAE170, Schedule D, Line 7 or FAE174, Schedule D, Line 7) ....... (38) 39. Tax liability after Gross Premiums and Additional Annual Credits (subtract Line 38 from Line 36) ............................................................................... (39) 40. Standard Job Tax Credit (Part 1, Line 10).............................................................................. (40) 41. Job Tax Credit for hiring persons with disabilities (Part 3, Line 26)................................... (41) 42. Community Resurgence Job Tax Credit (Part 4, Line 33).................................................... (42) 43. Total job credits with carryover provision (add Lines 40 through 42).............................. (43) 44. Credits from FAE170, Schedule D, Lines 2,3,4, and 5 or FAE174, Schedule D, Lines 2,3,4, and 5 ........................................................................... (44) 45. Net tax after other credits (subtract Line 44 from Line 39; if negative, enter zero)........ (45) 46. Total job tax credits allowable in current year excluding Additional Annual Credit claimed on Line 38 above (enter the smaller value of Line 43 or 45 here, and on FAE170, Schedule D, Line 6 or FAE174 Schedule D, Line 6)................................................ (46) ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ ____________________________ Part 6 - Supplemental Information a. Business plan control number.................................................................................................(a) ____________________________ b. Total full-time Tennessee jobs at the beginning of the tax year......................................... (b) ____________________________ c. Total full-time Tennessee jobs at the end of the tax year.....................................................(c) ____________________________ Account No./FEIN Taxpayer Name Taxable Year Job Tax Credit Carryover Check applicable carryover type: If more than one type applies, attach additional pages. Unused Additional Annual Credit cannot be carried forward. Standard Job Tax Credit Job Tax Credit for hiring persons with disabilities Community Resurgence Job Tax Credit Year 1 Period Ended MM/YY Original Return or as Amended Used in Prior Year(s) Expired 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Amount to carry to Schedule X............................................................................................................ Job Tax Credit Carryover Available Schedule X - Franchise and Excise Tax Job Credit Computation Instructions: General Information · Prior approval is required for this credit. In order to receive approval, the taxpayer must file a Job Tax Credit Business Plan or a Job Tax Credit for Hiring Persons with Disabilities Business Plan. Provided all requirements are met, the taxpayer will be issued a control number. General Requirements - Standard Job Tax Credit · In order to qualify for the standard Job Tax Credit the taxpayer must be a Qualified Business Enterprise as defined in Tenn. Code Ann. Section 67-4-2109(a)(5). Generally, in order to be a Qualified Business Enterprise the taxpayer must be engaged in manufacturing, warehousing and distribution, processing tangible personal property, research and development, computer services, call centers, headquarters facilities, as defined in Tenn. Code Ann. Section 67-6-224(b), back office operations, convention or trade show facilities, or a tourism related business. · In order to qualify for the standard Job Tax Credit a capital investment of at least $500,000 must be made within the Investment Period. · In order to qualify for the standard Job Tax Credit a minimum number of net new full-time Tennessee jobs must be created and filled within the Investment Period. The minimum job requirement in a Tier 1 or Tier 2 county is 25 net new jobs. The minimum job requirement is 20 net new Jobs in a Tier 3 county and 10 in a Tier 4 county. General Requirements - Additional Annual Credit · In order to qualify for any of the three Additional Annual Credits the taxpayer must meet all the requirements of the Standard Job Tax Credit. · An additional annual credit is available for qualified jobs created in Tier 2, Tier 3 and Tier 4 counties. See Tenn. Code Ann. Section 67-4-2109(b)(2)(A). · An additional annual credit is available for large investments and higher level of job creation. This credit requires an investment of at least one-hundred million dollars ($100,000,000) and the creation of at least one-hundred (100) qualified jobs that pay at least the state's average occupational wage, or in the case of a headquarters facility an investment of ten million dollars ($10,000,000) and the creation of at least one-hundred (100) qualified jobs that pay at least 150% the state's average occupational wage. See Tenn. Code Ann. Section 67-4-2109(b)(2)(B). · An additional annual credit is available for qualified jobs created in an Adventure Tourism Zone. See Tenn. Code Ann. Section 67-4-2109(b)(2)(C). · This credit can be used to offset up to 100% of the franchise and excise tax. However, any unused credit cannot be applied to other tax years. General Requirements - Job Tax Credit for Hiring Persons with Disabilities · In order to qualify for the Job Tax Credit for Hiring Persons with Disabilities the taxpayer must hire workers with disabilities through an existing State of Tennessee employment incentive program. In order to qualify for the $5,000 credit, the employee must work full-time and be covered by the employer's health care plan. In order to qualify for the $2,000 credit, the employee must work at least 10 hours per week. Employees who work full-time, but are not covered by the employer's health care plan are treated the same as part-time employees for the purpose of this credit. See Tenn. Code Ann. Section 67-4-2109(f)(2). · There is no investment or minimum number of jobs required for this credit. General Requirements - Community Resurgence Job Tax Credit · In order to qualify for the Community Resurgence Job Tax Credit the taxpayer must create at least 10 full-time jobs in a high-poverty area with wages equal to, or greater than, the state's average occupational wage. A list of census tracts that meet the definition of high-poverty areas is provided by the Tennessee Department of Economic and Community Development. · There is no investment requirement for this credit. See Tenn. Code Ann. Section 67-4-2109(q). Line by Line Instructions Part 1 - Standard Job Tax Credit Line 1 Enter the number of net new qualified full-time Tennessee jobs created and filled during the current fiscal year that meet all statutory requirements for the credit at the rate of $4,500 per job. Taxpayers that qualify for the higher level of investment and job creation additional annual credit should not enter any jobs on this line, but instead should report all jobs on line 3. The jobs receiving the additional annual credit will receive credit at the rate of $5,000 per job under the provisions of Tenn. Code Ann. Section 67-4-2109(b)(3)(A). Line 2 Multiply the number on Line 1 by $4,500. Line 3 Enter the number of net new full-time Tennessee jobs created and filled during the current fiscal year by a taxpayer that qualifies for the additional annual credit for higher level of investment and job creation under the provisions of Tenn. Code Ann. Section 67-4-2109(b)(2)(B). Taxpayers that qualify for this additional annual credit should enter all new jobs on this line, and taxpayers that do not qualify for the additional annual credit should enter all new jobs on Line 1. Line 4 Line 5 Line 6 Line 7 Multiply the number on Line 3 by $5,000. Enter the Job Tax Credit carryover amount from the last page of this schedule. Add the amounts from Lines 2, 4, and 5. Enter the total Franchise and Excise taxes shown on page one of the return, before credits or payments have been deducted. Schedule A, Line 3 plus Schedule B, Line 5. Line 8 Enter the limitation percentage. The limitation percentage is 50% for periods ended on or after July 1, 2009 unless the Commissioner of Revenue and the Commissioner of Economic and Community Development have determined that it is in the best interests of the state to allow a higher percentage and issued the taxpayer a letter stating such under the provisions of Tenn. Code Ann. Section 67-4-2109(b)(3)(F). Line 9 Multiply Line 7 by Line 8. Line 10 Enter the lesser of Lines 6 and 9. Also enter this amount on Part 5, Line 40. Part 2 - Additional Annual Credit Line 11 Enter the number of jobs qualifying for the additional annual credit in Tier 2, Tier 3, and Tier 4 Enhancement Counties. Do not include any jobs on this line that are included in Line 13 or 15. See Tenn. Code Ann. Section 674-2109(b)(2)(A) for further information. Line 12 Multiply the number on Line 11 by $4,500. Line 13 Enter the number of jobs qualifying for the additional annual credit based on a higher level of investment and job creation under the provisions of Tenn. Code Ann. Section 67-4-2109(b)(2)(B). Do not include any jobs on this line that are included in Line 11 or 15. Line 14 Multiply the number on Line 13 by $5,000. Line 15 Enter the number of jobs qualifying for the additional annual credit in an Adventure Tourism Zone. Do not include any jobs on this line that are included in Line 11 or 13. See Tenn. Code Ann. Section 67-4-2109(b)(2)(C) for further information. Line 16 Multiply the number on Line 15 by $4,500. Line 17 Add Lines 12, 14, and 16. Also enter this amount on Part 5, Line 37. The additional annual credit calculated in Part 2 can be used to offset up to 100% of the current year Franchise and Excise tax liability. Any remaining additional annual credit is not refundable and cannot be carried forward. Part 3 - Job Tax Credit for Hiring Persons with Disabilities Line 18 Enter the number of net new full-time Tennessee jobs created and filled by persons with disabilities during the current fiscal year. Only include employees for whom health insurance is provided. If health insurance is not provided, the job should be claimed on Line 20. Line 19 Multiply the number on Line 18 by $5,000. Line 20 Enter the number of net new part-time Tennessee jobs created and filled by persons with disabilities during the current fiscal year. Include full-time employees with disabilities for whom health insurance is not provided. Line 21 Multiply the number on Line 20 by $2,000. Line 22 Enter the Job Tax Credit for Hiring Persons with Disabilities carryover from the last page of this schedule. Line 23 Add the amounts from Lines 19, 21, and 22. Line 24 Enter the total Franchise and Excise taxes shown on page one of the return, before credits or payments have been deducted. Schedule A, Line 3 plus Schedule B, Line 5. Line 25 Enter the limitation. The limitation is 50% of Line 24. Line 26 Enter the lesser of Lines 23 and 25. Also enter this amount on Part 5, Line 41. Part 4 - Community Resurgence Job Tax Credit Line 27 Enter the number of net new qualified Tennessee jobs created and filled during the current fiscal year in a highpoverty area. Line 28 Multiply the number on Line 27 by $2,500. Line 29 Enter the Community Resurgence Job Tax Credit carryover from the last page of this schedule. Line 30 Add the amounts from Lines 28 and 29. Line 31 Enter the total Franchise and Excise taxes shown on page one of the return, before credits or payments have been deducted. Line 32 Enter the limitation. The limitation is 50% of Line 31. Line 33 Enter the lesser of Lines 30 and 32. Also enter this amount on Part 5, Line 42. Part 5 - Calculation of Overall Limitation Line 34 Enter the total Franchise and Excise taxes shown on page one of the return, before credits or payments have been deducted. Schedule A, Line 3 plus Schedule B, Line 5. Line 35 Enter the sum of Gross Premiums Tax credit claimed on Schedule D, Line 1. Line 36 Subtract Line 35 from Line 34; if negative, enter zero. Line 37 Enter the total Additional Annual Credit from Part 2, Line 17. Line 38 Enter the lesser of Line 36 and 37. Also enter this amount on FAE170, Schedule D, Line 7 or FAE174, Schedule D, Line 7. This is the total amount of Additional Annual Credit that can be deducted on this return. Line 39 Subtract Line 38 from Line 36. Line 40 Enter the Standard Job Tax Credit from Part 1, Line 10. Line 41 Enter the Job Tax Credit for Hiring Persons with Disabilities from Part 3, Line 26. Line 42 Enter the Community Resurgence Job Tax Credit from Part 4, Line 33. Line 43 Enter the sum of lines 40 through 42. Line 44 Enter the sum of all credits claimed on FAE170, Schedule D, Lines 2,3,4, and 5 or FAE174, Schedule D, Lines 2, 3, 4 and 5. Industrial Machinery and Job Tax Credits are applied last since they have the longest carryover period and it is usually in the taxpayer’s best interest to apply the other credits first. Line 45 Subtract Line 44 from Line 39. If negative, enter 0. Line 46 Enter the lesser of Lines 43 and 45. Also enter this amount on FAE170, Schedule D, Line 6 or FAE174 Schedule D, Line 6. Part 6 - Supplemental Information Line a Enter the control number received from the Department of Revenue. If more than one control number has been received, enter the most recent number. Line b Enter the number of full-time Tennessee jobs that existed at the beginning of the period covered by this return. Line c Enter the number of full-time Tennessee jobs that existed at the end of the period covered by this return.
Schedule X
More about the Tennessee FAE-Schd-X Corporate Income Tax Tax Credit TY 2023
Schedule X - Franchise Tax Jobs Credit Computation
We last updated the Schedule X - Franchise Tax Jobs Credit Computation in February 2024, so this is the latest version of FAE-Schd-X, fully updated for tax year 2023. You can download or print current or past-year PDFs of FAE-Schd-X directly from TaxFormFinder. You can print other Tennessee tax forms here.
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TaxFormFinder has an additional 65 Tennessee income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Tennessee FAE-Schd-X.
| Form Code | Form Name |
|---|---|
| FAE-Schd-174SC | Consolidated Apportionment Schedules |
| FAE-Schd-W | Schedule W - Franchise and Excise Tax Day Care Credit Computation |
| FAE-Schd-Y | Low Income Housing Tax Credit (LIHTC) Schedule and Instructions |
| FAE-Schd-170NC | Consolidated Apportionment Schedule |
| FAE-Schd-T | Schedule T - Industrial Machinery Tax Credit |
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-X from the Department of Revenue in February 2024.
FAE-Schd-X 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-X
We have a total of ten past-year versions of FAE-Schd-X in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2020 FAE-Schd-X
FAE Schedule X [05-24-2012]
2019 FAE-Schd-X
FAE Schedule X [05-24-2012]
2018 FAE-Schd-X
FAE Schedule X [05-24-2012]
2017 FAE-Schd-X
FAE Schedule X [05-24-2012]
2016 FAE-Schd-X
Schedule X Franchise & Excise Tax Jobs Credit Computation 2012
2015 FAE-Schd-X
Schedule X Franchise & Excise Tax Jobs Credit Computation 2012
2012 FAE-Schd-X
Schedule X Franchise & Excise Tax Jobs Credit Computation 2012
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