TBA Law Blog


Posted by: Julia Wilburn on Nov 19, 2024

The Tennessee Department of Revenue has refunded $938 million to almost 47,000 businesses based on a change to the franchise tax law passed during the 113th General Assembly. The Nashville Post reports that the 2024 fiscal year budget had provided $1.6 billion for about 120,000 taxpayers to receive refunds due to the legislature's change to its tax on businesses, a modification that removed the provision for the tax based on the amount of property a business owned. Almost 59% of the money in the budget for the refunds has been given to approximately 39% of businesses that are eligible. The department is accepting refund claims until Dec. 2 for most taxpayers, but those in eight counties impacted by Hurricane Helene have until May 1, 2025.