Tennessee DOR Posts Guidance, Answers to FAQs on Franchise Tax Property Measure Refund

The Tennessee Department of Revenue (DOR) posted guidance and answers to frequently asked questions (FAQs) concerning Franchise Tax Property Measure (Schedule G) Refunds. The DOR stated that the Governor signed Public Chapter 950 (2024) on May 10 which eliminates the property measure from the franchise tax calculation and authorizes the DOR 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 ...