Rules & Regulations of the State of Tennessee
Title 1320 - Revenue
Subtitle 1320-04 - Miscellaneous Tax Division
Chapter 1320-04-04 - General Revenue Law
Section 1320-04-04-.05 - CREDITS FOR PAYMENT OF FRANCHISE AND EXCISE TAX

(1) Any corporation having filed its final franchise and excise tax return and paid such taxes for its most recently completed fiscal year prior to filing its annual gross receipts privilege tax return, and no later than August 1 of any tax year, may claim appropriate franchise and excise tax credit against certain gross receipts privilege tax payments covering corresponding tax base periods.

(2) Any corporation with its fiscal period ending after August 1 of any year, or with due date for franchise and excise taxes falling after such date or which has been granted an extension of time in which to file its final franchise and excise tax return at a date subsequent to August 1, shall not be allowed credit for such taxes against gross receipts privilege taxes until such time as final return and payment has been made for such franchise and excise taxes.

(3) If final return and tax payment of franchise and excise taxes has not been made on or before August 1 of any year, a corporation paying gross receipts privilege taxes shall pay all such gross receipts privilege taxes due by August 1 without credit whatsoever for any estimated quarterly payments of franchise and excise taxes made prior to such date. In order to receive credit for franchise and excise taxes when final payment is made subsequent to August 1 of any year against gross receipts privilege taxes paid on or before the prior August 1, it will be necessary that the taxpayer file, within the statutory period, an amended gross receipts privilege tax return covering corresponding tax base periods and claim credit for appropriate franchise and excise tax payments. If such amended return discloses an over payment of gross receipts privilege taxes previously paid due to deduction of the franchise and excise tax credit, then such amount shall be refunded to the taxpayer by the Department.