Menu
Log in
Log in



FRANCHISE TAX

Franchise Tax Refunds in Tennessee - June, 2024

ATTENTION ALL TENNESSEE OWNERS WHO PAY FRANCHISE TAX

As many of you may know, the State of TN Department of Revenue has opened up a claim period to apply for a tax refund – specifically aimed at the Franchise tax. TNSSA would like to remind you to take notice and apply, should you be eligible for a refund. We have heard of many success stories from owners who have applied and been granted significant refund checks.

Below is a summary directly from TN Department of Revenue website. Don’t miss this opportunity!!

On May 10, 2024, Governor Bill Lee signed Public Chapter 950 (2024), which eliminates the property measure from the franchise tax calculation and authorizes the Department of Revenue to issue franchise tax refunds to eligible taxpayers. Taxpayers who paid the franchise tax on the property measure using Schedule G for tax years ending on or after March 31, 2020, for which a return was filed with the department on or after January 1, 2021, are eligible for a refund.

To obtain a refund, eligible taxpayers must amend their franchise and excise tax returns for all eligible tax periods and file a Claim for Refund of Franchise Tax Paid on Property Measure (Schedule G) form. Both the amended returns and the refund claim form must be submitted by November 30, 2024.

The Department of Revenue has sent letters via U.S. Mail to taxpayers who are potentially eligible for these refunds. Regardless of whether you receive a letter, the department encourages taxpayers to review their records and/or consult a tax professional to determine if they qualify for a refund. The department has also created a website with frequently asked questions, a recorded webinar with a demo on how to file your refund claim , and other resources to assist taxpayers.

“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.”

https://www.tn.gov/revenue/2024franchisetax.html


TNSSA Online Privacy Policy                          TNSSA Online Terms of Use


Call Us: (423) 443-8249

Address:
P.O. Box 91, Hixson, TN 37343

info@tnssa.net

NOTICE TO TENANTS

The TNSSA thanks you for supporting our industry. However, the TNSSA is a not-for-profit trade association and does not mediate or resolve disputes between self storage operators and tenants. For issues with your facility or unit, please review your rental agreement and contact the individual named there. Alternatively, call, email, or visit the facility in person to address and resolve the concern. TNSSA does not have the power, authority, or ability to remedy any disputes between an operator and a tenant.

Third party advertisements and links to other sites where goods or services are advertised are not endorsements or recommendations by the Tennessee Self Storage Association of the third party sites, goods or services. The TNSSA takes no responsibility for the content of the ads, promises made, or the quality/reliability of the products or services offered in all advertisements. 

Powered by Wild Apricot Membership Software