Tennessee Governor Bill Lee has signed legislation eliminating the property measure from the state’s franchise tax calculation. The Tennessee Department of Revenue is authorized to issue refunds to taxpayers who:
- Used the property measure (Schedule G) to calculate their tax liability for tax years ending on or after March 31, 2020, and
- Filed returns using this calculation on or after January 1, 2021.
Taxpayers must amend all relevant tax periods and file the amendments and refund claims by November 30, 2024, to qualify for this refund. For more information, visit https://www.tn.gov/revenue/2024franchisetax.html.
Consult with the State and Local Tax (SALT) professionals at Windes and stay informed about changes in tax laws to make well-informed decisions regarding your tax liability.