Tennessee Job Tax Credit Business Plan
Extracted from PDF file 2019-tennessee-form-fae-jobcredit.pdf, last modified September 2018
Job Tax Credit Business PlanRV-F1308601 (9/18) TENNESSEE DEPARTMENT OF REVENUE Franchise and Excise Tax Job Tax Credit Business Plan Taxpayer Name Mailing Address Street Account Number FEIN City State ZIP Code Capital Investment and Job Creation Principal Business Activity Investment Period: From Amount of Required Capital Investment Number of New Jobs To Briefly describe your planned capital investment and the estimated increase in qualified jobs: Qualified Business Enterprise (check all that apply) Call center Convention or trade show facility Tourism related businesses Manufacturing Processing tangible personal property Computer services Headquarters facility Aircraft repair service facility Warehousing and distribution Research and development Promotes high skill, high wage jobs in high technology area, emerging occupations, or skilled manufacturing Back office operations High poverty area Job Tax Credit (check the box next to the level of credit for which you are applying) (a) Standard Job Tax Credit - Tenn. Code Ann. § 67-4-2109(b)(1) County (b) Additional Annual Job Tax Credit for Enhancement Counties - Tenn. Code Ann. § 67-4-2109(b)(2)(A) County (c) Additional Annual Job Tax Credit for Adventure Tourism District - Tenn. Code Ann. § 67-4-2109(b)(2)(C) County Adventure Tourism District (d) Additional Annual Job Tax Credit for Higher Level Investments - Tenn. Code Ann. § 67-4-2109(b)(2)(B) (i) $1,000,000,000 investment with at least 500 new industrial wage jobs (ii) $500,000,000 investment with at least 500 new industrial wage jobs (iii) $250,000,000 investment with at least 250 new industrial wage jobs (iv) $100,000,000 investment with at least 100 new industrial wage jobs (v) Headquarters facility with a $10,000,000 investment and at least 100 new headquarters staff employees (e) Community Resurgence Job Tax Credit - Tenn. Code Ann. § 67-4-2109(q) Physical Location Address Census Tract Data Center Certification - Required by qualified data centers - Tenn. Code Ann. § 67-6-206 By checking this box and signing below, I certify that the taxpayer has not, within the previous 12 months, been found to be in violation of the Worker Adjustment and Retraining Notification Act, the Fair Labor Standards Act of 1938, or federal immigration laws. The statements made on this business plan are true to the best of my knowledge and belief. Taxpayer’s Signature Title Date Telephone Instructions: Franchise and Excise Job Tax Credit Business Plan General Information Who must file: A qualified business enterprise must file this business plan in order to qualify for the job tax credit provided by Tenn. Code Ann. § 67-4-2109(b) or (q). When to file: The business plan must be filed and approved before any job tax credit can be taken on the franchise and excise tax return. Complete the Business Plan by providing the complete legal name of the taxpayer, mailing address, FEIN, and franchise and excise tax account number. The account number may be found by using the account number online search available on the Department’s website at www.tn.gov/revenue. If the entity creating the jobs is a disregarded single member limited liability company whose single member is a corporation, the entity indicated on the business plan should be the corporate member, since it is the taxpayer for franchise and excise tax purposes. All entities must sign and date the business plan at the bottom of the page. Capital Investment and Job Creation Principal business activity: Describe the taxpayer’s principal business activity in Tennessee. Investment period: Enter the beginning date (which is the effective date of the business plan) and ending date of the period during which qualified jobs will be created as a result of a required capital investment. The investment period cannot exceed three years. Jobs created outside the investment period do not qualify for job tax credit. The investment period may be extended under certain circumstances upon request to the Commissioner of Economic and Community Development. Amount of required capital investment: The amount of investment to be made in real property, tangible personal property, or computer software owned or leased in Tennessee and valued in accordance with GAAP. The capital investment is deemed to have been made as of the date of payment or the date the business enterprise enters into a legally binding commitment or contract for purchase or construction. Only capital investments made within the investment period are considered in determining the amount of capital investment made. Number of new jobs: Enter the number of qualified new jobs to be created during the investment period. A qualified job is generally a permanent employment position, rather than seasonal or part-time, in a qualified business enterprise that lasts at least 12 consecutive months for at least 37 ½ hours per week with minimum health care. The job position is considered new if it did not exist anywhere in Tennessee for at least 90 days prior to being filled. Adventure tourism job creation: The job position may meet the definition of a qualified job, as provided in Tenn. Code Ann. § 67-4-2109(a)(6)(A)(ii), if it is created on or after July 1, 2017, and a majority of the duties of the job position involve adventure tourism, as defined in Tenn. Code Ann. § 11-11-203, in an adventure tourism district. A qualifying adventure tourism job does not require minimum health care and may be a seasonal or part-time job. Seasonal and part-time adventure tourism jobs are counted as one-half of one job. An adventure tourism job position is considered new if it did not exist anywhere in Tennessee for 36 months prior to being filled. Describe the creation or expansion of the qualified business enterprise: Provide a brief description of the investment made and how the investment relates to the number of qualified jobs created. Attach any documentation that would support your description. Qualified Business Enterprise Check the box next to the type of business that is being created or expanded by the required capital investment. Job Tax Credit In order to qualify for the job tax credit, the qualified business enterprise must make the required capital investment and create the minimum number of qualified jobs within the investment period. All requirements for the standard credit must be met before claiming any of the credits in (b), (c), or (d). (a) Standard Job Tax Credit Provide the name of the county where the capital investment will be made and the jobs created. County Tier Minimum Investment Minimum Qualified Jobs Credit Per Job Tier 1 $500,000 25 $4,500 Tier 2 $500,000 25 $4,500 Tier 3 $500,000 20 $4,500 Tier 4 $500,000 10 $4,500 (b) Tier 2, 3 and 4 Enhancement Counties A list of enhancement counties is available on the Department of Revenue’s website at www.tn.gov/revenue. County Tier Minimum Investment Minimum Qualified Jobs Credit Per Job Duration of Annual Credit Tier 2 $500,000 25 $4,500 3 years Tier 3 $500,000 20 $4,500 5 years Tier 4 $500,000 10 $4,500 5 years County Tier Minimum Investment Minimum Qualified Jobs Credit Per Job Duration of Annual Credit Tier 1 $500,000 25 $4,500 3 years Tier 2 $500,000 19 $4,500 3 years Tier 3 $500,000 13 $4,500 5 years Tier 4 $500,000 10 $4,500 5 years (c) Adventure Tourism District (d) Higher Level of Investment and Job Creation Minimum Investment Minimum Qualified jobs Credit Per Job Duration of Annual Credit $1,000,000,000 500 $5,000 20 years $500,000,000 500 $5,000 12 years $250,000,000 250 $5,000 6 years $100,000,000 100 $5,000 3 years $5,000 3 years *$10,000,000 100 *Headquarters facility as defined in Tenn. Code Ann. § 67-6-224 (e) Community Resurgence Job Tax Credit Minimum Investment Minimum Qualified Jobs Credit Per Job $0 10 $2,500 Data Center Certification Tenn. Code Ann. § 67-6-206(d) requires that a data center qualified under that section, in order to qualify for the job tax credit, must make the certification located on the first page of this plan. This box must be checked on business plans filed by qualified data centers in order to qualify for the job tax credit. Mail the completed Business Plan to: Tennessee Department of Revenue P.O. Box 190644 Nashville, TN 37219-0644 For tax assistance call (800) 397-8395 if you are located in Tennessee, or (615) 253-0700 if you are located in the Nashville call area or out-of-state. For industrial recruitment information, call the Department of Economic and Community Development at (615) 741-3282 if you are located in Tennessee or (800) 251-8594 if you are located outof-state.
Franchise and Excise Tax - Job Tax Credit Business Plan
More about the Tennessee Form FAE-JobCredit Corporate Income Tax Tax Credit
We last updated the Job Tax Credit Business Plan in March 2020, and the latest form we have available is for tax year 2019. This means that we don't yet have the updated form for the current tax year. Please check this page regularly, as we will post the updated form as soon as it is released by the Tennessee Department of Revenue. You can print other Tennessee tax forms here.
Related Tennessee Corporate Income Tax Forms:
|Form Code||Form Name|
|Form FAE-JobCreditDis||Franchise Excise Job Tax Credit for Hiring Persons with Disabilities Business Plan|
Tennessee usually releases forms for the current tax year between January and April. We last updated Tennessee Form FAE-JobCredit from the Department of Revenue in March 2020.
Form FAE-JobCredit 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 Form FAE-JobCredit
We have a total of six past-year versions of Form FAE-JobCredit in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
Franchise and Excise Tax - Job Tax Credit Business Plan
Franchise and Excise Tax - Job Tax Credit Business Plan
Franchise and Excise Tax Job Tax Credit Business Plan
Franchise Excise Job Tax Credit Business Plan
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