Over 100,000 small businesses in Tennessee can wave goodbye to the stress of filing business taxes this year, and every year going forward, thanks to a new legislative change. The Tennessee Department of Revenue has announced the Tennessee Works Tax Act, which relieves businesses with annual gross sales under $100,000 from the annual business tax filing requirement, according to a release by WATE.com.

This move, set to apply for tax periods ending after December 31, 2023, was communicated to businesses through a mailing campaign, designed to inform owners of the change and guide them on maintaining compliance with license requirements. Letters with instructions were sent out by the Department, said the same WSMV.com report.

While filing business tax is now a thing of the past for these small businesses, keeping up with their business licenses is not. The Department of Revenue makes it clear that businesses still must keep their licenses current and those with total gross sales between $3,000 and $100,000 are required to obtain a minimal activity license directly from local county or city authorities, per details found on the Department of Revenue's official website.

Tennessee Revenue Commissioner David Gerregano expressed the state's commitment to supporting local enterprises, stating, “We’re happy to be able to provide this tax relief to businesses.” He reminded businesses of the necessity to get in touch with the Revenue Department to ensure their accounts reflect the updates, in a statement obtained by Tennessee’s official government website.

For those seeking further guidance or needing to update their business accounts, the Tennessee Department of Revenue has provided a phone number at 615-253-0600 and an email at [email protected]. It's a new dawn for the small business landscape in Tennessee, with bureaucracy trimmed and more time left for entrepreneurs to focus on growing their businesses.