Image Credit: capitol.tn.gov
The Center Square [By Jon Styf] –
Tennessee has opened the claim period for businesses to collect up to $1.6 billion in refunds for the property portion of franchise tax payments to the state.
The tax will now be based on the taxpayer’s net worth and a refund can be requested by Nov. 30 for the property portion of taxes previously paid for tax years ending on or after March 31, 2020.
The bill was signed into law last week.
Companies looking for a refund must file amended returns and a refund claim form by Nov. 30.
Tennessee’s Department of Revenue sent letters to taxpayers eligible for the refunds.
But the department also said any business that thinks it is eligible should review records and their Schedule G tax form.
“We encourage eligible taxpayers to file for these refunds as soon as possible,” Revenue Commissioner David Gerregano said. “Electronic filing of claims is recommended, as it may expedite the process.”
The Department of Revenue created a question and answer page on its website on filing the correct forms.
Businesses that receive a refund will have their name posted with a refund amount range on the Tennessee Department of Economic and Community Development website from May 31, 2025 to June 30, 2025.
House Majority Leader William Lamberth, R-Portland, said during bill debate that 81% of the tax rebate recipients are businesses in Tennessee and 62% are small businesses that will receive refunds of $5,000 or less.
About the Author: Jon Styf, The Center Square Staff Reporter – Jon Styf is an award-winning editor and reporter who has worked in Illinois, Texas, Wisconsin, Florida and Michigan in local newsrooms over the past 20 years, working for Shaw Media, Hearst and several other companies. Follow Jon on Twitter @JonStyf.
One Response
He Lamberth appears to be involved in a lot of bad policies. The people of Portland may not even know it.