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Taxes & Incentives

Oneida and Scott County offer competitive tax structures for residents and businesses.

Oneida Property Tax: $1.25 per assessed $100 value
Oneida Special School District Property Tax: $0.35 per assessed $100 value
Scott County Property Tax: $1.60 per assessed value

Total Property Tax Rate: $3.12 for Oneida residents who are within the Oneida Special School District; $2.85 for Oneida residents who are not within the Oneida Special School District.

Sales Tax: 7% (state); 2.25% (local)

Scott County Wheel Tax: $30

State Taxes

Tennessee is one of only nine states without a state income tax. Additionally, Tennessee residents enjoy one of the lowest tax burdens in the country. According to the Tax Foundation, Tennessee’s “Tax Freedom Day” — the day of the year when residents will have earned enough money to satisfy their total tax obligation for that year — is April 5, which ranks fifth in the country. No state adjoining Tennessee ranks better.

Incentives

SALES & USE TAX
No sale tax on:
• Purchases, installation and repairs on qualified industrial machinery
• Purchases of material handling and racking equipment associated with the required capital investment of $10 million by a distribution or warehouse facility.
• Raw material for processing
• Reduced sales tax rates for manufacturer’s use of energy fuel and water. Tax-exempt is used directly in manufacturing process.
• Headquarters Tax Credit. Reduction of sales tax from 7 percent to 0.5 percent on building materials, machinery and equipment used in the construction of remodeling of a qualified headquarters facility.
• Refund on taxes paid on goods and services by motion picture production companies filming or producing in Tennessee. Requires expenditures of $500,000.

PROPERTY TAX
No property tax on:
• Work-In-Progress
• Finished-good inventories in hands of maunfacturer
• Inventories of merchandise for sale.

CORPORATE EXCISE
• Excise tax credit equal to 1% of the purchase price of qualified industrial machinery
• Excise tax credit equal to 1% of the purchase price of equipment associated with the required capital investment by a distribution or warehouse facility.
• Net operating loss carry forward of 15 years
• All capital losses can be claimed in the year incurred.