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Tennessee Free Printable FAE - Franchise and Excise Tax Return for 2020 Tennessee Franchise and Excise Tax Return Kit

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Franchise and Excise Tax Return Kit
FAE - Franchise and Excise Tax Return

RV-R0011001 (9/19) TENNESSEE DEPARTMENT OF REVENUE Franchise and Excise Tax Return FAE 170 Tax Year Beginning Account Number Tax Year Ending FEIN Check all that apply: a) Amended return b) Final return NAICS SOS Control Number c) Public Law 86-272 applied to excise tax d) Taxpayer has made an election to calculate net worth per the provisions of Tenn. Code Ann. § 67-4-2103(g)-(i) e) Taxpayer has filed the prescribed form to revoke its election made per Tenn. Code Ann. § 67-4-2103(g)-(i) Legal Name Mailing Address f) Annualized income installment method for quarterly estimates election g) Manufacturer single sales factor election City h) Taxpayer has filed for federal extension State ZIP Code Date Tennessee operations began (see instructions) Schedule A ‑ Computation of Franchise Tax Round to the nearest dollar 1. Total net worth Schedule F1, Line 5 or Schedule F2, Line 3 ........................................................................................ (1) _______________________________________ 2. Total real and tangible personal property from Schedule G, Line 15......................................................................... (2) _______________________________________ 3. Franchise tax (25¢ per $100 or major fraction thereof on the greater of Lines 1 or 2; minimum $100) .............. (3) _______________________________________ Schedule B ‑ Computation of Excise Tax 4. Income subject to excise tax from Schedule J, Line 32................................................................................................. (4) 5. Excise tax (6.5% of Line 4) ............................................................................................................................................... (5) 6. Recapture of tax credit (Schedule T, Line13) and additional excise tax on certified distribution sales................ (6) 7. Total excise tax due (add Lines 5 and 6) ........................................................................................................................ (7) _______________________________________ _______________________________________ _______________________________________ _______________________________________ Schedule C ‑ Computation of Total Tax Due or Overpayment 8. Total franchise and excise taxes (add Lines 3 and 7).............................................................. (8) _______________________________________ 9. Total credit from Schedule D, Line 9 (cannot exceed Schedule C, Line 8)............................ (9) _______________________________________ 10. Net tax (subtract Line 9 from Line 8; if Line 9 exceeds Line 8, enter zero here)................. (10) _______________________________________ 11. Total payments from Schedule E, Line 7.................................................................................. (11) _______________________________________ 12. Penalty (see instructions) .......................................................................................................... (12) _______________________________________ 13. Interest (see instructions) .............................................................................................................................................. (13) _______________________________________ 14. Penalty on estimated franchise and excise tax payments ........................................................................................ (14) _______________________________________ 15. Interest on estimated franchise and excise tax payments ....................................................................................... (15) _______________________________________ 16. Total amount due (overpaid) (add Lines 10, 12, 13, 14, and 15, subtract Line 11) ................................................. (16) _______________________________________ If overpayment reported on Line 16, complete A and/or B below: A. Credit to next year’s tax $_______________________________________ B. Refund $________________________________ Under penalties of perjury, I declare that I have examined this report, and to the best of my knowledge Power of Attorney - Check YES if this taxpayer's and belief, it is true, correct, and complete. signature certifies that this tax preparer has Title Date the authority to execute this form on behalf Taxpayer's Signature of the taxpayer and is authorized to receive Preparer's PTIN and inspect confidential tax information and Tax Preparer's Signature Telephone Date to perform any and all acts relating to respective tax matters. Preparer's Address ZIP Code State City YES Preparer's Email Address FOR OFFICE USE ONLY page 2 Taxable Year Taxpayer Name Account No./FEIN Schedule D - Schedule of Credits 1. 2. 3. 4. 5. 6. 7. 8. 9. Gross Premiums Tax Credit (cannot exceed Schedule C, Line 8)................................................................. (1) ______________________________ Tennessee income tax (cannot exceed Schedule B, Line 5).......................................................................... (2) ______________________________ Green Energy Tax Credit from business plans filed prior to July 1, 2015.................................................... (3) ______________________________ Brownfield Property Credit .............................................................................................................................. (4) ______________________________ Broadband Internet Access Tax Credit carryover for service providers...................................................... (5) ______________________________ Industrial Machinery and Research and Development Tax Credit from Schedule T, Line 11................... (6) ______________________________ Job Tax Credit from Schedule X, Line 46.......................................................................................................... (7) ______________________________ Additional Annual Job Tax Credit from Schedule X, Line 38.......................................................................... (8) ______________________________ Total credit (add Lines 1 through 8; enter here and on Schedule C, Line 9)............................................... (9) ______________________________ Schedule E - Schedule of Required Quarterly Installments and Payments Required Quarterly Amount Paid Installments Overpayment from previous year, if available............................................................................................ (1)______________________________ First quarterly estimate............................................................................... (2a) _________________________ (2b)_____________________________ Second quarterly estimate.......................................................................... (3a) _________________________ (3b)_____________________________ Third quarterly estimate.............................................................................. (4a) _________________________ (4b)_____________________________ Fourth quarterly estimate........................................................................... (5a) _________________________ (5b)_____________________________ Extension payment......................................................................................................................................... (6)______________________________ Total payments (add Lines 1 through 6; enter here and on Schedule C, Line 11).................................. (7)______________________________ 1. 2. 3. 4. 5. 6. 7. Computation of Franchise Tax Schedule F1 - Non-Consolidated Net Worth 1. 2. 3. 4. 5. Net worth (total assets less total liabilities)...................................................................................................... (1) _____________________________ Indebtedness to or guaranteed by parent or affiliated corporation (cannot be a deduction).................. (2) _____________________________ Total (add Lines 1 and 2).................................................................................................................................... (3) _____________________________ % Franchise tax apportionment ratio (Schedules N, O, P, R or S if applicable or 100%)................................ (4) _____________________________ Total (multiply Line 3 by Line 4; enter here and on Schedule A, Line 1)....................................................... (5) _____________________________ Schedule F2 - Consolidated Net Worth Schedule F2 is to be completed only if the Consolidated Net Worth Election Registration Application has been filed. 1. Consolidated net worth (total assets less total liabilities of the affiliated group)....................................... (1) _____________________________ % 2. Franchise tax apportionment ratio (Schedule 170NC, 170SF or 170SC)...................................................... (2) _____________________________ 3. Total (multiply Line 1 by Line 2; enter here and on Schedule A, Line 1)....................................................... (3) _____________________________ Schedule G - Determination of Real and Tangible Property Book Value of Property Owned - Cost less accumulated depreciation 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. In Tennessee Land...................................................................................................................................................................... (1) _____________________________ Buildings, leaseholds, and improvements....................................................................................................... (2) _____________________________ Machinery, equipment, furniture, and fixtures............................................................................................... (3) _____________________________ Automobiles and trucks...................................................................................................................................... (4) _____________________________ Prepaid supplies and other tangible personal property ............................................................................... (5) _____________________________ Ownership share of real and tangible property of a partnership that does not file a return .................. (6) _____________________________ a. Inventories and work in progress.............................................................................................................. (7a) _____________________________ b. Exempt finished goods inventory in excess of $30 million....................................................................(7b) _____________________________ Certified pollution control equipment (include copy of certificate) and equipment used to produce electricity at a certified green energy production facility............................................................... (8) _____________________________ Exempt required capital investment ................................................................................................................ (9) _____________________________ Subtotal (add Lines 1 through 7a, subtract Lines 7b through 9).................................................................(10) _____________________________ Rental Value of Property Used but Not Owned In Tennessee Net Annual Rental Paid for: 11. Real property............................................................................................... ______________________ x8 (11) ______________________________ 12. Machinery and equipment used in manufacturing and processing..... ______________________ (12) ______________________________ x3 13. Furniture, office machinery, and equipment........................................... ______________________ (13) ______________________________ x2 14. Delivery or mobile equipment................................................................... ______________________ (14) ______________________________ x1 .15. Tennessee total (add Lines 10 through 14; enter here and on Schedule A, Line 2)..................................(15) _____________________________ . Schedule H - Gross Receipts 1. Gross receipts or sales per federal income tax return .................................................................................... (1) _____________________________ page 3 Taxable Year Taxpayer Name Account No./FEIN Computation of Excise Tax Schedule J1 - Computation of Net Earnings for Entities Treated as Partnerships Additions: 1. Ordinary income or loss (federal Form 1065, Line 22) .................................................................................. (1) ______________________________ 2. Income items specifically allocated to partners, including guaranteed payments to partners................ (2) ______________________________ 3. Any net loss or expense distributed to a publicly traded REIT .................................................................... (3) ______________________________ 4. Total additions (add Lines 1 through 3)............................................................................................................ (4) ______________________________ Deductions: 5. Expense items specifically allocated to partners not deducted elsewhere................................................. (5) ______________________________ 6. Amount subject to self-employment taxes distributable or paid to each partner or member net of any pass-through expense deducted elsewhere on this return (if negative, enter zero) (include on Schedule K, Line 3).............................................................................................................................................. (6) ______________________________ 7. Amount of contribution to qualified pension or benefit plans of any partner or member, including all IRC 401 plans (include on Schedule K, Line 3)............................................................................................ (7) ______________________________ 8. Any net gain or income distributed to a publicly traded REIT ...................................................................... (8) ______________________________ 9. Any loss on the sale of an asset sold within 12 months after the date of distribution.............................. (9) ______________________________ 10. Total deductions (add Lines 5 through 9).......................................................................................................(10) ______________________________ 11. Total (subtract Line 10 from Line 4; enter here and on Schedule J, Line 1)...............................................(11) ______________________________ Schedule J2 - Computation of Net Earnings for a Single Member LLC Filing as an Individual Additions: 1. Business Income or loss from federal Form 1040, Schedule C..................................................................... (1) ______________________________ 2. Business Income or loss from federal Form 1040, Schedule D..................................................................... (2) ______________________________ 3. Business Income or loss from federal Form 1040, Schedule E..................................................................... (3) ______________________________ 4. Business Income or loss from federal Form 1040, Schedule F...................................................................... (4) ______________________________ 5. Business Income or loss from federal Form 4797.......................................................................................... (5) ______________________________ 6. Other: federal Form __________ , Schedule ____________ ................................................................................ (6) ______________________________ 7. Total additions (add Lines 1 through 6)............................................................................................................ (7) ______________________________ Deductions: 8. Amount subject to self-employment taxes distributable or paid to the single member (if negative, enter zero; include on Schedule K, Line 3)....................................................................................................... (8) ______________________________ 9. Total (subtract Line 8 from Line 7; enter here and on Schedule J, Line 1)................................................... (9) ______________________________ Schedule J3 - Computation of Net Earnings for Entities Treated as Subchapter S Corporations Additions: 1. Ordinary income or loss (federal Form 1120S, Line 21)................................................................................. (1) ______________________________ 2. Income items to extent includable in federal income were it not for "S" status election ......................... (2) ______________________________ 3. Total additions (add Lines 1 and 2)................................................................................................................... ­­(3) ______________________________ Deductions: 4. Expense items to extent includable in federal expenses were it not for "S" status election .................... (4) ______________________________ 5. Any loss on the sale of an asset sold within 12 months after the date of distribution.............................. (5) ______________________________ 6. Total deductions (add Lines 4 and 5)................................................................................................................ (6) ______________________________ 7. Total (subtract Line 6 from Line 3; enter here and on Schedule J, Line 1) ................................................. (7) ______________________________ Schedule J4 - Computation of Net Earnings for Entities Treated as Corporations and Other Entities Additions: 1. Taxable income or loss before net operating loss deduction and special deductions (federal Form 1120, Line 28).............................................................................................................................. (1) ______________________________ 2. a. REIT taxable income before net operating loss deduction and .special deductions (federal Form 1120-REIT, Line 20)........................................................................................... (2a) ________________________ b. REIT deduction for dividends paid (federal Form 1120-REIT, Line 21b).... (2b) ________________________ c. REIT taxable income after dividends paid deduction (subtract Line 2b from Line 2a)........................ (2c ) ______________________________ 3. Unrelated business taxable income (federal Form 990-T, Line 30) .............................................................. (3) ______________________________ 4. Other: federal Form __________ .......................................................................................................................... (4) ______________________________ 5. Contribution carryover from prior period(s).................................................................................................... (5) ______________________________ 6. Capital gains offset by capital loss carryover or carryback............................................................................ (6) ______________________________ 7. Total additions (add Lines 1 through 6)............................................................................................................ (7) ______________________________ Deductions: 8. Contributions in excess of amount allowed by federal government............................................................ (8) ______________________________ 9. Portion of current year’s capital loss not included in federal taxable income............................................ (9) ______________________________ 10. Total deductions (add Lines 8 and 9)..............................................................................................................(10) ______________________________ 11. Total (subtract Line 10 from Line 7; enter here and on Schedule J, Line 1)...............................................(11) ______________________________ page 4 Taxable Year Taxpayer Name Account No./FEIN Schedule J - Computation of Net Earnings Subject to Excise Tax 1. Adjusted federal income or loss (enter amount from Schedule J1, J2, J3, or J4)................................................(1) __________________________ Additions: 2. Intangible expenses paid, accrued, or incurred to an affiliated business entity or entities deducted for federal income tax purposes...................................................................................................................................(2) __________________________ 3. Any depreciation under the provisions of IRC Section 168 not permitted for excise tax purposes due to Tennessee permanently decoupling from federal bonus depreciation ............................................................(3) __________________________ 4. Gain on the sale of an asset sold within 12 months after the date of distribution to a nontaxable entity...(4) __________________________ 5. Tennessee excise tax expense (to the extent reported for federal income tax purposes).............................(5) __________________________ 6. Gross premiums tax deducted in determining federal income and used as an excise tax credit..................(6) __________________________ 7. Interest income on obligations of states and their political subdivisions, less allowable amortization........(7) __________________________ 8. Depletion not based on actual recovery of cost....................................................................................................(8) __________________________ 9. Excess fair market value over book value of property donated..........................................................................(9) __________________________ 10. Excess rent to/from an affiliate.............................................................................................................................(10) __________________________ 11. Net loss or expense received from a pass-through entity subject to the excise tax (attach schedule).......(11) __________________________ 12. An amount equal to five percent of IRC Section 951A global intangible low-taxed income 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. deducted on Line 25...............................................................................................................................................(12) __________________________ Total additions (add Lines 2 through 12)..............................................................................................................(13) __________________________ Deductions: Any depreciation under the provisions of IRC Section 168 permitted for excise tax purposes due to Tennessee permanently decoupling from federal bonus depreciation...........................................................(14) __________________________ Any excess gain (or loss) from the basis adjustment resulting from Tennessee permanently decoupling from federal bonus depreciation......................................................................................................(15) __________________________ Dividends received from corporations at least 80% owned .............................................................................(16) __________________________ Donations to qualified public school support groups and nonprofit organizations......................................(17) __________________________ Any expense other than income taxes not deducted in determining federal taxable income for which a credit against the federal income tax was allowed..........................................................................................(18) __________________________ Adjustments related to the safe harbor lease election (see instructions).......................................................(19) __________________________ Nonbusiness earnings (from Schedule M, Line 8)...............................................................................................(20) __________________________ Intangible expenses paid, accrued, or incurred to an affiliated entity or entities (from Form IE, Line 4) Attach Form IE - Intangible Expense Disclosure..................................................................................................(21) __________________________ Intangible income from an affiliated business entity or entities if the corresponding intangible expenses have not been deducted by the affiliate(s) under Tenn. Code Ann. § 67-4-2006(b)(2)(N)............(22) __________________________ Net gain or income received from a pass-through entity subject to the excise tax (attach schedule).........(23) __________________________ Grants from governmental units to the extent included in federal taxable income......................................(24) __________________________ IRC Section 951A global intangible low-taxed income........................................................................................(25) __________________________ Total deductions (add Lines 14 through 25)........................................................................................................(26) __________________________ Computation of Taxable Income Total business income (loss) (add Lines 1 and 13, subtract Line 26; if loss, enter on Schedule K, Line 1)...(27) __________________________ % Excise tax apportionment ratio (Schedules N, O, P, R or S if applicable or 100%)..........................................(28) __________________________ Apportioned business income (loss) (multiply Line 27 by Line 28)...................................................................(29) __________________________ Nonbusiness earnings directly allocated to Tennessee (from Schedule M, Line 9)........................................(30) __________________________ Loss carryover from prior years (from Schedule U)............................................................................................(31) __________________________ Subject to excise tax (add Line 29 and 30, subtract Line 31; enter here and on Schedule B, Line 4)...........(32) __________________________ Schedule K - Determination of Loss Carryover Available 1. Net loss from Schedule J, Line 27............................................................................................................................(1) __________________________ Additions: 2. Amounts reported on Schedule J, Lines 16 and 20...............................................................................................(2) __________________________ 3. Amounts reported on Schedule J1, Lines 6 and 7, or Schedule J2, Line 8..........................................................(3) __________________________ 4. Reduced loss (add Lines 1 through 3; if net amount is positive, enter zero).....................................................(4) __________________________ % 5. Excise tax apportionment ratio (Schedules N, O, P, R or S if applicable or 100%)............................................(5) __________________________ 6. Current year loss carryover available (multiply Line 4 by Line 5)........................................................................(6) __________________________ page 5 Taxable Year Account No./FEIN Taxpayer Name Schedule M - Nonbusiness Earnings Allocation Allocation and apportionment schedules may be used only by taxpayers doing business outside the state of Tennessee within the meaning of Tenn. Code Ann. §§ 67-4‑2010 and 67‑4‑2110. The burden is on the taxpayer to show that the taxpayer has the right to apportion. If all earnings are business earnings as defined below, do not complete this schedule. Any nonbusiness earnings, less related expenses, are subject to direct allocation and should be reported in this schedule. Definitions: "Business Earnings" 1) earnings arising from transactions and activity in the regular course of the taxpayer’s trade or business, or 2) earnings from tangible and intangible property if the acquisition, use, management, or disposition of the property constitutes an integral part of the taxpayer’s regular trade or business operations Earnings which arise from the conduct of the trade or trades or business operations of a taxpayer are business earnings, and the taxpayer must show by clear and cogent evidence that particular earnings are classifiable as nonbusiness earnings. A taxpayer may have more than one regular trade or business in determining whether income is business earnings. "Nonbusiness Earnings" - all earnings other than business earnings Description of Nonbusiness Earnings (If further description is necessary, see below) Gross Amounts *Less Related Expenses Net Amounts Net Amounts Allocated Directly to Tennessee 1. ____________________________________________________________________________________________________________________________________________ 2. ____________________________________________________________________________________________________________________________________________ 3. ____________________________________________________________________________________________________________________________________________ 4. ____________________________________________________________________________________________________________________________________________ 5. ____________________________________________________________________________________________________________________________________________ 6. ____________________________________________________________________________________________________________________________________________ 7. ____________________________________________________________________________________________________________________________________________ 8. ____________________________________________________________________________________________________________________________________________ Total nonbusiness earnings (Enter here and on Schedule J, Line 20) 9. ____________________________________________________________________________________________________________________________________________ Nonbusiness earnings allocated directly (Enter here and on Schedule J, Line 30) If necessary, describe source of nonbusiness earnings and explain why such earnings do not constitute business earnings as defined above. Enumerate these items to correspond with items listed above. *As a general rule, the allowable deductions for expenses of a taxpayer are related to both business and nonbusiness earnings. Items such as administrative costs, taxes, insurance, repairs, maintenance, and depreciation are to be considered. In the absence of evidence to the contrary, it is assumed that the expenses related to nonbusiness rental earnings will be an amount equal to 50% of such earnings and that expenses related to other nonbusiness earnings will be an amount equal to 5% of such earnings (see Tenn. Comp. R. & Regs. 1320‑06‑01.23(3)). page 6 Taxable Year Schedule N - Apportionment - Standard Property Use original cost of assets Account No./FEIN Taxpayer Name In Tennessee a. Beginning of Taxable Year b. End of Taxable Year Total Everywhere a. Beginning of Taxable Year b. End of Taxable Year 1. Land, buildings, leaseholds, and improvements ........... ________________________________________________________________________________________________________________________________________________ 2. Machinery, equipment, furniture, and fixtures............... ________________________________________________________________________________________________________________________________________________ 3. Automobiles and trucks............................................................ ________________________________________________________________________________________________________________________________________________ 4. Inventories and work in progress ........................................ ________________________________________________________________________________________________________________________________________________ 5. Prepaid supplies and other property.................................. ________________________________________________________________________________________________________________________________________________ 6. Ownership share of real and tangible property of a partnership that does not file a return................... ________________________________________________________________________________________________________________________________________________ a. b. a. b. 7. Excise tax total (add Lines 1 through 6) ............................. ________________________________________________________________________________________________________________________________________________ 8. Exempt inventory ....................................................................... ________________________________________________________________________________________________________________________________________________ a. b. a. b. 9. Franchise tax total (subtract Line 8 from Line 7)............ ___________________________________________________________________________________________________________________________ 10. Excise tax average value (add Lines 7(a) & (b), divide by two).... ________________________________________________________________________________________________________________________________________________ 11. Franchise tax average value (add Lines 9(a) & (b), divide by two)_______________________________________________________________________________________________________________________________________________ 12. Rented property (rent paid x 8)............................................. ________________________________________________________________________________________________________________________________________________ Use triple weighted sales factor a. In Tennessee b. Total Everywhere c. Franchise Ratio d. Excise Ratio % % % % 15. Payroll factor................................................................................. ________________________________________________________________________________________________________________________________________________ % % 16. Sales factor (business gross receipts)................................. ________________________________________________________________________________________________________________________________________________ % % 17. Total ratios (add Lines 13-15 and (Line 16 x three))...... ________________________________________________________________________________________________________________________________________________ 13. Excise tax property factor (add Lines 10 and 12)............ ________________________________________________________________________________________________________________________________________________ 14. Franchise tax property factor (add Lines 11 and12)...... ________________________________________________________________________________________________________________________________________________ 18. Apportionment ratio (divide Line 17 by five, or by the number of factors with everywhere values greater than zero) % (Enter franchise tax apportionment ratio on Sch. F1, Line 4. Enter excise tax apportionment ratio on Sch. J, Line 28.)............ Schedule O - Apportionment - Common Carriers (railroads, motor carriers, pipelines and barges) In Tennessee Total Everywhere % Ratio 1. Total franchise mileage (odometer miles)....................................................................... _____________________________________________________________________________________________ % 2. Tennessee gross intrastate receipts and interstate gross receipts everywhere......... _____________________________________________________________________________________________ % 3. Total ratios (add Lines 1 and 2)......................................................................................... _____________________________________________________________________________________________ 4. Apportionment ratio (divide Line 3 by two, or by the number of factors with everywhere values greater than zero) (Enter franchise tax apportionment ratio on Schedule F1, Line 4. Enter excise tax apportionment ratio on Schedule J, Line 28.)................................................................   Schedule P - Apportionment - Air Carriers In Tennessee Total Everywhere % Ratio 1. Originating revenue........................................................................................................... _____________________________________________________________________________________________ 2. Air miles flown (Include in Tennessee column only air miles flown on flights either % % 3. Total ratios (add Lines 1 and 2)......................................................................................... _____________________________________________________________________________________________ originating from or ending in Tennessee or both).......................................................... _____________________________________________________________________________________________ 4. Apportionment ratio (divide Line 3 by two, or by the number of factors with everywhere values greater than zero) (Enter franchise tax apportionment ratio on Schedule F1, Line 4. Enter excise tax apportionment ratio on Schedule J, Line 28.)................................................................   Schedule R - Apportionment - Air Express Carriers In Tennessee Total Everywhere % Ratio % 1. Originating revenue............................................................................................................ _____________________________________________________________________________________________ 2. Air miles flown and ground miles traveled (Include in Tennessee column only air miles flown on flights either originating from or ending in Tennessee or both. Include only ground miles traveled with respect to actual common carriage of % persons or property for hire.)............................................................................................ _____________________________________________________________________________________________ % 3. Total ratios........................................................................................................................... _____________________________________________________________________________________________ 4. Apportionment ratio (divide Line 3 by two, or by the number of factors with everywhere values greater than zero) (Enter franchise tax % apportionment ratio on Schedule F1, Line 4. Enter excise tax apportionment ratio on Schedule J, Line 28.)............................................................... _______________________________ Schedule S - Apportionment - Manufacturer Single Sales Factor 1. Sales factor (business gross receipts) (Enter franchise tax apportionment ratio on Schedule F1, Line 4. Enter excise tax apportionment ratio on Schedule J, Line 28.)...... In Tennessee Total Everywhere Ratio % page 7 Account No./FEIN Taxpayer Name Taxable Year Schedule T - Industrial Machinery and Research and Development Equipment Tax Credit Part 1: Tax Credit Computation Franchise and excise taxes may be reduced by a credit on industrial machinery and research and development equipment purchased during the tax period covered by the return and located in Tennessee. The credit is generally computed at 1% of the purchase price of qualified industrial machinery and research and development equipment. 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 Tenn. Code Ann. § 67-4-2009(3). 1. Purchase price of industrial machinery and research and development equipment .....................................(1) __________________________ % 2. Percentage allowed (generally 1%*) .......................................................................................................................(2) __________________________ 3. Current year credit (multiply Line 1 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 (add Schedule A, Line 3 and Schedule B, Line 5)...........(6) __________________________ 7. Limitation on credit (50% of Line 6) ........................................................................................................................(7) __________________________ 8. Franchise and excise tax liability before any credits (add Schedule A, Line 3 and Schedule B, Line 5) ..........(8) __________________________ 9. Credits from Schedule D, Lines 1 through 5 and Schedule D, Line 8..................................................................(9) __________________________ 10. Tax before Industrial Machinery Credit (subtract Line 9 from Line 8) ..............................................................(10) __________________________ 11. Amount available in current year (enter the smaller value of Lines 5, 7, or 10 here, and on Schedule D, Line 6) ..................................................................................................................................................(11) __________________________ Part 2: Recapture of Tax Credit The Industrial Machinery Tax Credit previously established on this form must be partially recaptured if the equipment on which it was based was sold or removed from the state before the end of the equipment’s life as established for federal income tax purposes. The recapture amount is a percentage of useful life remaining at the time of sale or removal multiplied by the credit originally established on this form. Previously established credits have either offset tax or populated the carryover table Schedule V. Complete the Industrial Machinery Credit Recapture Worksheet and then enter the applicable recapture amounts on Lines 12 and 13 below. 12. Reduction to credit carryover table, Schedule V, from recapture worksheet, Part 2, Line 16 .....................(12) __________________________ 13. Recapture of credit from recapture worksheet, Part 2, Line 17 (enter here and on Schedule B, Line 6).....(13) __________________________ *The percentage allowed on Part 1, Line 2 above is 1%, unless the taxpayer has met the requirements of Tenn. Code Ann. § 67-4-2009(3)(I) and has been approved by the Commissioner of Revenue for an enhanced rate based on the investment amount. The statutory minimum investment requirements and applicable rates for the enhanced credit are shown on the following chart: Minimum Required Capital Investment Rate of Credit $100,000,000 3% $250,000,000 5% $500,000,000 7% $1,000,000,000 10% page 8 Taxable Year Account No./FEIN Taxpayer Name Schedule U - Schedule of Loss Carryover Year Period Ended (MM/YY) Original Return or as Amended Used in Prior Year(s) Expired Loss Carryover Available 1 ___________________________________________________________________________________________________________________ 2 ___________________________________________________________________________________________________________________ 3 ___________________________________________________________________________________________________________________ 4 ___________________________________________________________________________________________________________________ 5 ___________________________________________________________________________________________________________________ 6 ___________________________________________________________________________________________________________________ 7 ___________________________________________________________________________________________________________________ 8 ___________________________________________________________________________________________________________________ 9 ___________________________________________________________________________________________________________________ 10 ___________________________________________________________________________________________________________________ 11 ___________________________________________________________________________________________________________________ 12 ___________________________________________________________________________________________________________________ 13 ___________________________________________________________________________________________________________________ 14 ___________________________________________________________________________________________________________________ 15 ___________________________________________________________________________________________________________________ Total Amount (Enter here and on Schedule J, Line 31)............................................................................. Schedule V - Schedule of Industrial Machinery and Research and Development Equipment Credit Carryover Year Period Ended Original Return or Used in (MM/YY) as Amended Prior Year(s) Expired or Recaptured Industrial Machinery Credit Carryover Available 1 ________________________________________________________________________________________________________________________________ 2 ________________________________________________________________________________________________________________________________ 3 ________________________________________________________________________________________________________________________________ 4 ________________________________________________________________________________________________________________________________ 5 ________________________________________________________________________________________________________________________________ 6 ________________________________________________________________________________________________________________________________ 7 ________________________________________________________________________________________________________________________________ 8 ________________________________________________________________________________________________________________________________ 9 ________________________________________________________________________________________________________________________________ 10 ________________________________________________________________________________________________________________________________ 11 ________________________________________________________________________________________________________________________________ 12 ________________________________________________________________________________________________________________________________ 13 ________________________________________________________________________________________________________________________________ 14 ________________________________________________________________________________________________________________________________ 15 ________________________________________________________________________________________________________________________________ Total Amount (Enter here and on Schedule T, Line 4)............................................................................
Extracted from PDF file 2019-tennessee-form-fae-170.pdf, last modified October 2019

More about the Tennessee Form FAE-170 Corporate Income Tax TY 2019

We last updated the Franchise and Excise Tax Return Kit in February 2020, so this is the latest version of Form FAE-170, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form FAE-170 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 FAE-170 Franchise and Excise Tax Return Kit
BUS-Schd-B Payment to Subcontractor Worksheet - Schedule B
Form BUS416-3 Municipal Business Tax Return - Classification 3
Form FAE-Qtax Quarterly Franchise, Excise Tax Declaration
Form FAE-CertHousing Certification - Franchise and Excise Tax Exemption

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 Form FAE-170 from the Department of Revenue in February 2020.

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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 Form FAE-170

We have a total of six past-year versions of Form FAE-170 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form FAE-170

FAE - Franchise and Excise Tax Return

2018 Form FAE-170

Franchise and Excise Tax Return for tax periods beginning on or after 1/1/17

2016 Form FAE-170

FAE170 2 2015 07-16-2015

2015 Form FAE-170

FAE170 - Franchise Excise Tax Return 2013

2012 Franchise Excise Tax Return 2012 Form FAE-170

2012 Franchise Excise Tax Return


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