Tennessee Governor Signs Law on Statute of Limitations for Tax Collection

The Tennessee Governor April 22 signed a law on the statute of limitations for tax collection for individual income, corporate income, trust income, property, sales and use, and excise tax purposes. The law includes measures: 1) establishing the six-year collection period for the Department of Revenue to collect taxes from an entity ceases upon the imposition of a bankruptcy stay, or filing of other proceedings prohibiting collection; and 2) clarifying the six-year period continues once the bankruptcy or other proceedings end. The law took effect April 22. [/TN\FINAL\2021R1HB84///, enacted 04/22/21]

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