Tennessee Code Annotated
Tenn. Code Ann. § 67-2-101 (2026)
Chapter definitions
✓ current as of May 2026
As used in this chapter, unless the context otherwise requires:
- (1)
- (A) "Bond" means all obligations issued by any person, firm, joint-stock company, business trust or corporation organized and doing business under the laws of this state, or any other state, evidenced by an instrument whereby the obligor is bound to pay interest to the obligee regardless of whether the obligor is doing business in this state, or whether the obligation under the terms of which the interest accrues is a mortgage or lien on property located in this state or beyond the jurisdiction of the state;
- (B) "Bond" does not include:
- (i) Ordinary commercial paper, trade acceptance, etc., maturing in six (6) months or less from the date of issuance; or
- (ii) Certificates of deposit, repurchase agreements or similar evidences of indebtedness;
- (2) "Commissioner" means the commissioner of revenue;
- (3) "Corporate property" means the franchise, corporate excess or intangible value of the corporation as well as all other property;
- (4) "Deficiency" means:
- (A) The amount by which the tax imposed by this chapter exceeds the amount shown as the tax by the taxpayer upon the taxpayer's return; or
- (B) If no amount is shown as the tax by the taxpayer upon the taxpayer's return, or if no return is made, the correct amount of the tax;
- (5) "Person," "it," or any other singular pronoun means every natural person, inhabitant, resident, beneficiary of every trust or estate, partnership, joint-stock company, business trust, corporation or any other form of organization in receipt of dividends from corporate stocks and/or interest on bonds as defined in this section, regardless of the sources from which such income is derived, except as otherwise expressly provided. Any person who has a legal domicile in Tennessee shall be subject to the tax imposed; every person who maintains a place of residence in Tennessee for more than six (6) months in the tax year shall be subject to the tax imposed by this chapter, regardless of what place such person may claim as a legal domicile;
- (6) "Stocks" means shares of stock issued by corporations chartered and organized under the laws of the state of Tennessee, or of any other state, or of the United States, or of any foreign government, and all interests in partnerships, associations, or trusts represented by transferable evidence of such interest; and
- (7) "Taxpayer's tax year" means the calendar year, unless a fiscal year is elected by the taxpayer when the first fiscal year return is due to be filed.
Acts 1931 (2nd Ex. Sess.), ch. 20, § 3; 1933, ch. 60, § 1; 1949, ch. 185, § 3; C. Supp. 1950, § 1123.3; Acts 1959, ch. 290, § 1; 1963, ch. 271, § 2; 1967, ch. 176, §1; 1982, ch. 652, § 1; T.C.A. (orig. ed.), §§ 67-2601, 67-2624; Acts 1985, ch. 58, § 1; 1985, ch. 364, § 1; 1989, ch. 186, § 1.
Notes of Decisions
Cited in 8
cases, 1984–2011 · leading case: Steele v. Indus. Dev. Bd. of the Metro. Gov't of Nashville & Davidson Cnty., 950 S.W.2d 345 (Tenn. 1997).
Steele v. Indus. Dev. Bd. of the Metro. Gov't of Nashville & Davidson Cnty., 950 S.W.2d 345 (Tenn. 1997). “§ 67-2-101(l)(B)(i), such that the interest on the bonds is exempt from the Tennessee “Hall Income Tax” under Tenn.Code Ann. § 67-2-101 et seq. The decision is that interest on the bonds is subject to the State income tax.”
Dominion Nat'l Bank v. Martha B. Olsen, 771 F.2d 108 (6th Cir. 1985). “Now codified as Tenn.Code Ann. § 67-2-101(l)(B)(ii), the amendment provides that the term “bond” shall not include certificates of deposit issued by financial institutions chartered either by the State of Tennessee or by the United States and lawfully doing business under…”
Shackleford v. Olsen, 675 S.W.2d 171 (Tenn. 1984). “Appellees brought this action to recover from the appellant Commissioner certain taxes paid under protest pursuant to the Hall Income Tax Law, T.C.A. §§ 67-2-101 to 121. 1 The amount in controversy is $459.”
Steele v. Indus. Dev. Bd., 950 S.W.2d 345 (Tenn. 1997). “ed the following question of law certified by the United States District Court for the Middle District of Tennessee: Whether bonds which contain a "liquidity demand" provision, giving bondholders the right to collect the face value of the bonds upon giving seven (7) days notice,…”
Dobson v. Huddleston, 863 S.W.2d 392 (Tenn. 1993). “The dividends were thus taxable under Tennessee Code Annotated § 67-2-101, et seq, regardless of the source of immediate funding for such dividends and whether dividends funded in such a manner are expected to recur.”
W. Turner Boone v. Loren L. Chumley, Comm'r of The Tennessee Dep't of Revenue, 372 S.W.3d 104 (Tenn. Ct. App. 2011). “Tennessee’s limited income tax — the Hall Income Tax — is codified at Tenn.Code Ann. §§ 67-2-101 et seq. (2011).”
Indmar Prods. Co v. CIR (6th Cir. 2006). “Tenn. Code Ann. §§ 67-2-101 (1)(B)(i), 67-2-102 (2005).”
Comm'r, 2005 T.C. Memo. 32 (1970). “From 1987 to 2000, the Rowes' transfers were not repaid in full. Tennessee residents, pursuant to Tenn.”
— Tenn. Code Ann. § 67-2-101(1) — 1 case
Steele v. Indus. Dev. Bd. of the Metro. Gov't of Nashville & Davidson Cnty., 950 S.W.2d 345 (Tenn. 1997). “§ 67-2-101(l)(B)(i), such that the interest on the bonds is exempt from the Tennessee “Hall Income Tax” under Tenn.Code Ann. § 67-2-101 et seq. The decision is that interest on the bonds is subject to the State income tax.”
— Tenn. Code Ann. § 67-2-101(l)(A) — 1 case
Shackleford v. Olsen, 675 S.W.2d 171 (Tenn. 1984). “Appellees brought this action to recover from the appellant Commissioner certain taxes paid under protest pursuant to the Hall Income Tax Law, T.C.A. §§ 67-2-101 to 121. 1 The amount in controversy is $459.”
— Tenn. Code Ann. § 67-2-101(l)(B)(i) — 2 cases
Steele v. Indus. Dev. Bd. of the Metro. Gov't of Nashville & Davidson Cnty., 950 S.W.2d 345 (Tenn. 1997). “§ 67-2-101(l)(B)(i), such that the interest on the bonds is exempt from the Tennessee “Hall Income Tax” under Tenn.Code Ann. § 67-2-101 et seq. The decision is that interest on the bonds is subject to the State income tax.”
Shackleford v. Olsen, 675 S.W.2d 171 (Tenn. 1984). “Appellees brought this action to recover from the appellant Commissioner certain taxes paid under protest pursuant to the Hall Income Tax Law, T.C.A. §§ 67-2-101 to 121. 1 The amount in controversy is $459.”
— Tenn. Code Ann. § 67-2-101(l)(B)(ii) — 2 cases
Dominion Nat'l Bank v. Martha B. Olsen, 771 F.2d 108 (6th Cir. 1985). “Now codified as Tenn.Code Ann. § 67-2-101(l)(B)(ii), the amendment provides that the term “bond” shall not include certificates of deposit issued by financial institutions chartered either by the State of Tennessee or by the United States and lawfully doing business under…”
Shackleford v. Olsen, 675 S.W.2d 171 (Tenn. 1984). “Appellees brought this action to recover from the appellant Commissioner certain taxes paid under protest pursuant to the Hall Income Tax Law, T.C.A. §§ 67-2-101 to 121. 1 The amount in controversy is $459.”
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