Tennessee DOR Issues Sales, Excise, Income Tax Manual for Automobile Dealerships

The Tennessee Department of Revenue Jan. 1 issued a manual on sales and use, excise, individual income, corporate income, and trust income taxes for automobile dealerships. The manual provides: 1) a central resource for car dealerships operating in Tennessee regarding state and local taxes, vehicle titling, and vehicle registration; 2) sales and use taxability of itemized charges billed to customers related to insurance policies, rebates and discounts, and incentive payments; 3) a new standard deduction for excise tax that allows taxpayers to deduct the lesser of their net earnings (excluding the standard deduction) or $50,000, effective for tax years ending ...