The Tennessee Department of Revenue has launched a claim period for those eager to recoup some dough on past franchise taxes. According to a recent announcement, Governor Bill Lee's freshly signed SB2103/HB1893 snips the property measure from the franchise tax equation, giving taxpayers until November 30, 2024, to file for refunds.
Eligible taxpayers should quickly amend their tax returns covering all relevant periods post-March 31, 2020, to snatch this refund. The green light for filings comes on the heels of the governor's legislation, aimed at easing the tax load for qualifying businesses. To lay claim to your refund, you'll need to submit an amended excise and franchise tax return alongside a special Schedule G form.
“We encourage eligible taxpayers to file for these refunds as soon as possible,” Revenue Commissioner David Gerregano stressed. He recommends filers to go digital for a speedier resolution, saying in a statement, “Electronic filing of claims is recommended, as it may expedite the process.”
The Department of Revenue is reaching out. Anticipate a letter in the mail if you've potentially got cash coming back. But don't just wait casually to check your mailbox – the department's got a slew of resources online to help to figure out if you're eligible and how to file your claim. And you don't need to receive a letter to take action; all taxpayers who think they might qualify should take a hard look at their books or rope in a tax professional.
Last year's stats show the Department of Revenue as no small-time operation, having collected upwards of $22 billion in state taxes and fees, with another $4.6 billion funneled to local governments. It's clear they mean business when it comes to taxes, but this time they're handing out refunds.
