Tennessee Job Tax Credit Business Plan
Extracted from PDF file 2016-tennessee-form-fae-jobcredit.pdf, last modified October 2016
Job Tax Credit Business PlanTENNESSEE DEPARTMENT OF REVENUE FRANCHISE AND EXCISE TAX - JOB TAX CREDIT BUSINESS PLAN Taxpayer Name FEIN Account Number Mailing Address City, State, Zip 1. Capital Investment and Job Creation Effective Date of Business Plan Investment Period Amount of Required Capital Investment From Number of Net New Jobs Principal Business Activity To Briefly describe your capital investment and increase in qualified jobs. 2. Qualified Business Enterprise (check all that apply) Manufacturing Processing tangible personal property Computer services Warehousing and distribution Research and development Call center Headquarters facility Aircraft repair service facility Convention or trade show facility Tourism related businesses Promotes high-skill, high-wage jobs in high-technology area, emerging occupations, or skilled manufacturing in an enhancement county Back office operations High-poverty area 3. 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. Section 67-4-2109(b)(1) County (b) Additional Annual Job Tax Credit for Enhancement Counties – Tenn. Code Ann. Section 67-4-2109(b)(2)(A) County (c) Additional Annual Credit for Adventure Tourism Zone - Tenn. Code Ann. Section 67-4-2109(b)(2)(C) County Adventure Tourism Zone (d) Additional Annual Job Tax Credit for Higher Level of Investments – Tenn. Code Ann. Section 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. Section 67-4-2109(q) County Qualified “High-poverty area” 4. Data Center Certification – Required by qualified data centers - Tenn. Code Ann. Section 67-6-206 By checking this box and signing below, I certify that the taxpayer has not, within the previous twelve (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. (Must be signed by the taxpayer.) SIGN HERE: Signature and Date Title Phone No. Control No. FOR DEPARTMENT OF REVENUE USE ONLY RV-F1308601 INTERNET (9-16) FRANCHISE AND EXCISE TAX JOB TAX CREDIT BUSINESS PLAN INSTRUCTIONS 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. Section 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. Completing the Business Plan Provide the complete legal name of the taxpayer, mailing address, FEIN, and franchise and excise tax account number. 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. 1) Capital Investment and Job Creation Effective date of the Business Plan: This is the date that the investment period is deemed to begin. Qualified jobs and required capital investments made on and after this date will be counted to determine if the requirements have been met in order to qualify for the job tax credit. Investment period: The period during which qualified jobs will be created as a result of a required capital investment; provided that it does not exceed 3 years from the effective date of the business plan. 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. Number of net new jobs: Enter the number of qualified net new jobs to be created during the investment period. A qualified job is generally a job position that is a permanent, rather than seasonal or part-time, employment position providing employment in a qualified business enterprise for at least 12 consecutive months to a person for at least 37 ½ hours per week with minimum health care. The job position is considered new if 90 prior to being filled it did not exist anywhere in Tennessee. Net new jobs are determined by taking into consideration any reduction in qualified job positions in Tennessee. Adventure Tourism Job Creation When a majority of the duties of the job position involve adventure tourism, as defined in Tenn. Code Ann. Section 11-11-203, in an adventure tourism district without minimum health care, including seasonal and part-time jobs, created on or after July 1, 2017, the job position may meet the definition of a qualified job as provided in Tenn. Code Ann. Section 67-4-2109(a)(6)(A)(ii). Seasonal and part-time adventure tourism jobs are counted as one-half (1/2) of one (1) job. An adventure tourism job position is considered new if 36 months prior to being filled it did not exist anywhere in Tennessee Principal business activity: Describe the taxpayer’s principal business activity in Tennessee. 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. 2) Qualified Business Enterprise 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. Check the box next to the type of business that is being created or expanded by the required capital investment. 3) Job Tax Credit (d) Higher Level of Investment and Job Creation 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 3(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 Tier 1 Tier 2 Tier 3 Tier 4 Minimum Investment $500,000 $500,000 $500,000 $500,000 Minimum Qualified Jobs 25 25 20 10 Credit Per Job $4,500 $4,500 $4,500 $4,500 (b) Tier 2, 3 and 4 Enhancement Counties A list of enhancement counties is available on the Department of Economic and Community Development’s website at www.tn.gov/ecd. County Tier Minimum Investment Minimum Qualified Jobs Credit Per Job Duration of Annual Credit Tier 2 Tier 3 Tier 4 $500,000 $500,000 $500,000 25 20 10 $4,500 $4,500 $4,500 3 years 5 years 5 years (c) Adventure Tourism Zone County Tier Minimum Investment Minimum Qualified Jobs Credit Per Job Duration of Annual Credit Tier 1 Tier 2 Tier 3 Tier 4 $500,000 $500,000 $500,000 $500,000 25 19 13 10 $4,500 $4,500 $4,500 $4,500 3 years 3 years 5 years 5 years Minimum Investment Minimum Credit Duration of Qualified Per Job Annual Jobs 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 *$10,000,000 100 $5,000 3 years *Headquarters facility as defined in Tenn. Code Ann. Section 67-6-224 (e) Community Resurgence Job Tax Credit Minimum Investment $0 Minimum Qualified jobs 10 Credit per job $2,500 4) Data Center Certification Tenn. Code Ann. Section 67-6-206 (d) requires that a data center qualified under that section, in order to qualify for the job tax credit, must certify on its business plan that it has not, within the previous twelve (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. 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 in Tennessee, or if you are located in the Nashville call area or out-ofstate, call (615) 253-0700. For industrial recruitment information, call the Department of Economic and Community Development at (615) 741-3282 in Tennessee or (800) 251-8594 from outside Tennessee.
More about the Tennessee Form FAE-JobCredit Corporate Income Tax Tax Credit
We last updated the Job Tax Credit Business Plan in February 2017, and the latest form we have available is for tax year 2016. 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.
Other Tennessee Corporate Income Tax Forms:
|Form Code||Form Name|
|Form FAE-170||Franchise and Excise Tax Return Kit|
|Form INC-250||Individual Income Tax Return Kit|
|Form FAE-183||Franchise and Excise Tax Annual Exemption Renewal|
|Form FAE-Disc||Franchise and Excise Tax Exempt Entity Disclosure of Activity|
|FAE-Schd-170NC||Consolidated Apportionment Schedule|
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 February 2017.
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 three 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 Excise Job Tax Credit Business Plan
While we do our best to keep our list of Tennessee Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.