As used in this part, unless the context otherwise requires:

(1) “Board” means the local enterprise zone management board appointed by a municipality;
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Terms Used In Tennessee Code 13-28-203

  • Board: means the local enterprise zone management board appointed by a municipality. See Tennessee Code 13-28-203
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Enterprise zone: means an area declared by the board to be eligible for the benefits of this part. See Tennessee Code 13-28-203
  • Municipality: means an incorporated city which has adopted home rule or county which has adopted a metropolitan form of government in accordance with the Constitution of Tennessee, art. See Tennessee Code 13-28-203
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
  • Qualified business: means any person, corporation or other entity engaged in the active conduct of a trade or business within a designated enterprise zone, except that for chain stores or other businesses or industries with multiple locations, only those locations or operations within the zone shall be considered as qualified businesses. See Tennessee Code 13-28-203
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(2) “Enterprise zone” means an area declared by the board to be eligible for the benefits of this part;
(3) “Municipality” means an incorporated city which has adopted home rule or county which has adopted a metropolitan form of government in accordance with the Constitution of Tennessee, art. XI, § 9, and any county which has adopted a charter form of government pursuant to the Constitution of Tennessee and title 5, chapter 1, part 2;
(4) “Qualified business” means any person, corporation or other entity engaged in the active conduct of a trade or business within a designated enterprise zone, except that for chain stores or other businesses or industries with multiple locations, only those locations or operations within the zone shall be considered as qualified businesses; and
(5) “Qualified property” means:

(A) Any tangible personal property which is used predominately by the taxpayer in an enterprise zone in the active conduct of a trade or business;
(B) Any real property located in such a zone which is used predominately by the taxpayer for residential purposes or in the active conduct of a trade or business, or is sold or exchanged by an individual whose principal residence is in such a zone; or
(C) Any interest in a corporation, partnership, or other entity if, for the most recent taxable year of such entity ending before the date of the sale or exchange, such entity was a qualified business.
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