Tennessee DOR Issues Notice on Repeal of Property Measure of Franchise Tax

The Tennessee Department of Revenue (DOR) May 1 issued a notice on repealing the property measure of the franchise tax. The notice includes: 1) eliminating the Schedule G property measure for tax years ending on or after Jan. 1, 2024; 2) franchise tax reporting on 2023 calendar year returns and 2024 fiscal year returns; 3) that taxpayers may request refunds for the tax year ending on or after March 31, 2020; and 4) the refund procedure and other refund considerations. [Tenn. Dep’t of Revenue, Notice No. 24-05, 05/01/24]

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