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excise tax

An excise tax is a tax imposed on the manufacture, sale, or use of goods—such as cigarettes, fuel, or alcohol—or on an occupation—such as a license tax or an attorney occupation tax—or on an activity such as gambling or betting.

Excise taxes may be ad valorem (calculated by percentage) or specific (calculated per unit).

In Tennessee, excise taxes are levied on various goods and activities. For instance, Tennessee imposes a tax on cigarettes, which is a specific excise tax calculated per pack, and on alcoholic beverages, which can be either specific or ad valorem depending on the type of alcohol and quantity. The state also collects an excise tax on gasoline and other fuels, which is a specific tax based on the volume sold. Additionally, Tennessee has an excise tax on the privilege of doing business in the state, which applies to corporations and is calculated based on the net earnings of the company. This is an example of an occupation tax, though it is not specifically termed an 'attorney occupation tax.' Gambling and betting activities are subject to various forms of taxation and regulation, which may include excise taxes depending on the activity. It's important to note that excise tax rates and regulations can change, so for the most current information, individuals and businesses should consult with an attorney or the Tennessee Department of Revenue.

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Taxes

excise tax

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Taxes

excise tax

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