Tennessee Exemption for State and Federally Chartered Credit Unions

A notice has been released by the Tennessee Department of Revenue to provide clarification regarding the sales and use tax exemption applicable to purchases made by state and federally-chartered credit unions. Purchases of tangible personal property and services by federally-organized credit unions and Tennessee chartered credit unions are exempt from Tennessee sales and use tax. The exemption is not available to credit unions chartered in other states. Qualification requirements and rules apply. (Sales and Use Tax Notice NO. 07-09, Tennessee Department of Revenue)

Posted on February 20, 2008