Franchise Tax Refund Opportunity for Tennessee Business Owners

Recently, Tennessee passed a new law repealing its franchise tax for in-state businesses. The franchise tax was levied against companies for the privilege of doing business in the state and was based on the higher amount of either a business’s net worth or the value of its property in Tennessee.

This repeal brings significant financial relief to Tennessee business owners. What’s even more exciting is that the repeal includes refunds for periods dating back to 2020. Tennessee has allocated a substantial amount (over $1 billion) to refund businesses that paid the franchise tax during the 2020 through 2023 tax periods.

Act now to seize the largest refund opportunity in Tennessee’s history! With one less tax to worry about, this is the perfect time for business owners to explore new avenues for business growth.

Curious if you’re eligible for the refund? Don’t delay! The refund window is only open from May 15, 2024, through November 30th, 2024. Reach out to Thompson Tax today to check your eligibility. It’s time to put your money back where it belongs – with your business!