Terms Used In Tennessee Code > Title 67 > Chapter 4 > Part 30 - Local Tourism Development Zone Business Tax Act

• Business: includes any activity engaged in by any person, or caused to be engaged in by the person, with the object of gain, benefit, or advantage, either direct or indirect. See Tennessee Code 67-4-3002
• Collector: includes any person entrusted with the collection of public revenue. See Tennessee Code 1-3-105
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Markup: The process by which congressional committees and subcommittees debate, amend, and rewrite proposed legislation.
• Month: means a calendar month. See Tennessee Code 1-3-105
• Municipality: means any incorporated city or county located in this state. See Tennessee Code 67-4-3002
• 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 any individual, firm, partnership, joint venture, association, corporation, estate, trust, business trust, receiver, syndicate, or other group or combination acting as a unit. See Tennessee Code 67-4-3002
• Personal property: All property that is not real property.
• Personal property: includes money, goods, chattels, things in action, and evidences of debt. See Tennessee Code 1-3-105
• Property: includes both personal and real property. See Tennessee Code 1-3-105
• Public authority: means any agency, authority or instrumentality described by §. See Tennessee Code 67-4-3002
• public use facility: means :
  (A) A building, complex, center, or facility described by §. See Tennessee Code 67-4-3002
• Sale: includes a transaction whereby the possession of property is transferred but the seller retains title as security for the payment of the price. See Tennessee Code 67-4-3002
• Sales: means all gross receipts of the taxpayer not allocated under this part. See Tennessee Code 67-4-2004
• Sales price: means the total amount for which tangible personal property or services rendered is sold, including any services that are a part of the sale, valued in money, whether paid in money or otherwise, and includes any amount for which credit is given to the purchaser by the seller, without any deduction from the price on account of the cost of the property sold, the cost of materials used, labor or service cost, losses, or any other expense whatsoever. See Tennessee Code 67-4-3002
• Securities: means United States treasury securities, obligations of United States government agencies and corporations, obligations of state and political subdivisions, corporate stock and other securities, participations in securities backed by mortgages held by the United States or state government agencies, loan-backed securities and similar investments. See Tennessee Code 67-4-2004
• Services: means and includes every activity, function or work engaged in by a person for profit or monetary gain, except as otherwise provided in this part. See Tennessee Code 67-4-3002
• State: means any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, any territory or possession of the United States and any foreign country or political subdivision thereof. See Tennessee Code 67-4-2004
• Tangible personal property: means and includes personal property that may be seen, weighed, measured, felt or touched, or is in any other manner perceptible to the senses. See Tennessee Code 67-4-3002
• taxpayer: means every corporation, subchapter S corporation, limited liability company, professional limited liability company, registered limited liability partnership, professional registered limited liability partnership, limited partnership, cooperative, joint-stock association, business trust, regulated investment company, REIT, state-chartered or national bank, or state-chartered or federally chartered savings and loan association. See Tennessee Code 67-4-2004
• Tourism development zone: means an area described by §. See Tennessee Code 67-4-3002
• Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. ^{Source: OCC}
• United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
• Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105