Tennessee Code Title 67. Taxes and Licenses § 67-4-713

(A) Personal property taxes are allowable as a credit only to the extent that the property is located at the place of business covered by the return required by this part and the property is taxed by the same city or county that receives the allocation of tax under § 67-4-724;

(B) Personal property taxes are allowable as a credit only for taxes paid either during the tax period covered by the return or prior to the due date of the return;

(C) Personal property taxes assessed pursuant to audit and subsequently paid may be taken as a credit either on the business tax return filed for the year in which the additional personal property tax was paid or on the return covering the immediately previous year. If the credit is taken in the previous year, an amended business tax return must be filed for that year;

(D) Notwithstanding subdivision (a)(2)(A), providers of video programming services, as defined in § 67-6-102, shall be allowed the credit provided by this subdivision (a)(2) to the extent that the property is located in a jurisdiction to which the taxpayer's receipts are sourced in accordance with § 67-4-717 and the property is taxed by that jurisdiction;

(A) The person shall be eligible for such credit only to the extent of the tax generated from its receipts for services rendered by such person to an affiliated person;

(B) Either person directly owns or controls eighty percent (80%) or more of the other, or eighty percent (80%) or more of both persons is directly or indirectly owned or controlled by a common parent;

(C) This subdivision (a)(5) is not affirmatively rejected by a two-thirds ( 2/3 ) vote of the legislative body of the county or municipality, whichever is appropriate, exercising jurisdiction over the governmental unit or instrumentality; and

(D) Subdivision (a)(5)(C) shall be retroactive to tax years beginning on or after January 1, 1999, with respect to agreements in effect on that date.