Oscar Gomez, CPA

Tennessee implemented Senate Bill (SB) 2103 on May 10, altering the calculation method for the state franchise tax. Previously, the tax was based on either apportioned net worth or the value of property in the state. SB 2103 addresses constitutional concerns by removing the property measure, now solely relying on apportioned net worth. Amendments to the bill include provisions for refunds for periods ending on or after March 31, 2020, with claims accepted between May 14, 2024, and Nov. 30, 2024. For the past few years there is potential TN refund opportunity based on the enacted legislation. If business is operating in Tennessee please let me connect you with our state specialists CohnReznick LLP such as Faith Gorman to ensure that all state opportunities have been addressed. #Tennessee #stateopportunity #refund

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📣 Attention Tennessee Business Owners! 📣 Exciting news! The Tennessee Franchise Tax Law has undergone a significant change, potentially putting money back in your pocket. As of January 1, 2024, the property measure for franchise tax has been eliminated, shifting towards a net worth-based assessment. This could mean substantial refunds for eligible taxpayers! Here's the key info you need to know: ✅ Refund Eligibility: If you've paid franchise tax based on the property measure for tax years ending on or after March 31, 2020, you could be entitled to a refund. This refund is the difference between the tax paid under the property measure and what you would owe under the net worth measure. ✅ Publication Disclaimer: Keep in mind that your entity name and the range corresponding to your refund amount will be published on the department's website from May 31st to June 30th, 2025. ✅ Deadline Alert: Time is ticking! The refund claim period is only open from May 15th to November 30th, 2024. Waiting until the last minute is not advised, as claims cannot be submitted after November 30th. ✅ Businesses: If you are a restaurant, real estate entity, or any Tennessee-based business with rent expenses and tangible properties, you could be sitting on a refund goldmine! Consult your tax advisor to confirm your eligibility. Need assistance navigating this process or have questions? Contact me!

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TN Franchise Tax Great opportunity for Tennessee Banks to hear how the law eliminates the property tax measure from the franchise tax calculation and how this could lead to a refund for many Tennessee Banks!! To learn more, please register for this free webinar!!

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Last month Governor Brian Kemp of Georgia signed into law two significant bills – House Bill 1015 (HB 1015) and House Bill 1023 (HB 1023) – that will reduce taxes for both residents and corporations in the state. Read more from Tim Clancy in our Resource Center! #Georgiataxes #taxplanning #incometax #corporatetax #taxlegislation

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