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10 May 2024

Tennessee governor signs law to modernize franchise tax calculation and provide for time-limited refund opportunity

Tennessee Governor Bill Lee signed into law SB 2103/HB 1893 on May 10, 2024, which significantly changes the Tennessee franchise tax calculation by prospectively repealing the franchise tax alternative minimum property measure.

The law, among other provisions, authorizes refunds of previously paid franchise tax calculated under the alternative minimum property measure for tax years ending on or after March 31, 2020. Refund claims for previously paid tax can be filed starting May 15, 2024. For more on this development, see Tax Alert 2024-0927.

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For additional information concerning this Alert, please contact:

State and Local Taxation Group

Published by NTD’s Tax Technical Knowledge Services group; Chris DeZinno, legal editor

Document ID: 2024-0957

 

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