| On May 10th of this year, Gov. Bill Lee signed into law Public Chapter 950. This change eliminates the property factor from the TN Franchise Tax computation and authorizes the TN Department of Revenue to issue Franchise Tax refunds to eligible taxpayers. Returns filed for the 2020 to 2023 tax years are eligible for this refund opportunity, if the property factor was used to calculate the taxpayer’s Franchise tax for the applicable tax year.
The TN Department of Revenue has a process for these claims, and the deadline is November 30, 2024. For a more in-depth analysis on the change, please click here.
Fill out the contact form below and a member of our team will contact you with more details on the new law and your amended return process. |
