As a result of a new law passed by the Tennessee General Assembly, the property measure has been removed from the franchise tax calculations (Schedule G). Accordingly, any business that paid tax based on this measure for tax years 2020-2023 is eligible for a refund.

 

As a firm, we will begin going through each client to determine those who paid taxes using the property measure. For those we have identified, we will reach out to you separately regarding any additional information we may need in the two-part process of 1) amending your prior year returns and 2) submitting the refund claim. The Department of Revenue will also begin sending out letters over the next few weeks to those taxpayers that believe may be eligible for this refund. Please reach out to us if you have received one of these letters and we have not reached out to you by May 31, 2024.

 

The time to file amended returns and submit refund claims for tax years 2020-2023 begins May 15, 2024, and ends November 30, 2024.

 

Additional information (including FAQs) can be found on the TN Department of Revenue’s website: https://www.tn.gov/revenue/2024franchisetax. We ask for your patience as we work to complete these refunds for eligible business, but please reach out if you have any questions.

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Thank you,

Catrice James, CPA