67-2-122 - Taxes paid on out-of-state shares of Subchapter S corporation. - Tennessee Statutes

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67-2-122. Taxes paid on out-of-state shares of Subchapter S corporation.

A resident individual who is a shareholder of a Subchapter S corporation that is incorporated and doing business in another state may deduct from the tax otherwise due under this chapter the tax paid to the other state as a result of such income, distributions or dividends; provided, that there exists a tax credit reciprocity agreement between Tennessee and the other state. In no case shall the credit permitted under this section exceed the tax that would be payable to this state.

[Acts 1994, ch. 787, § 1.]

State Codes and Statutes

Statutes > Tennessee > Title-67 > Chapter-2 > 67-2-122

67-2-122. Taxes paid on out-of-state shares of Subchapter S corporation.

A resident individual who is a shareholder of a Subchapter S corporation that is incorporated and doing business in another state may deduct from the tax otherwise due under this chapter the tax paid to the other state as a result of such income, distributions or dividends; provided, that there exists a tax credit reciprocity agreement between Tennessee and the other state. In no case shall the credit permitted under this section exceed the tax that would be payable to this state.

[Acts 1994, ch. 787, § 1.]

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State Codes and Statutes

Statutes > Tennessee > Title-67 > Chapter-2 > 67-2-122

67-2-122. Taxes paid on out-of-state shares of Subchapter S corporation.

A resident individual who is a shareholder of a Subchapter S corporation that is incorporated and doing business in another state may deduct from the tax otherwise due under this chapter the tax paid to the other state as a result of such income, distributions or dividends; provided, that there exists a tax credit reciprocity agreement between Tennessee and the other state. In no case shall the credit permitted under this section exceed the tax that would be payable to this state.

[Acts 1994, ch. 787, § 1.]