The Tennessee Department of Revenue (DOR) has recently provided guidance regarding Franchise Tax Property Measure (Schedule G) Refunds in response to Public Chapter 950 (2024) signed by the Governor on May 10. This legislation eliminates the property measure from the franchise tax calculation and allows the DOR to issue refunds to eligible taxpayers.
According to the DOR, taxpayers who paid the franchise tax on the property measure using Schedule G for tax years ending on or after March 31, 2020, and filed a return with the department on or after January 1, 2021, are eligible for refunds. This means that if you meet these criteria, you may be entitled to a refund of the franchise tax paid on the property measure.
The DOR has also provided answers to frequently asked questions (FAQs) to help taxpayers better understand the refund process. These FAQs cover topics such as eligibility criteria, how to apply for a refund, and what documentation is required to support your refund claim.
If you believe you are eligible for a refund, it is important to review the guidance provided by the DOR and gather any necessary documentation to support your claim. This may include copies of your tax returns, proof of payment of the franchise tax on the property measure, and any other relevant information.
Overall, this new legislation and guidance from the DOR provide welcome relief for taxpayers who have paid franchise tax on the property measure. By following the instructions outlined by the DOR and submitting a refund claim if eligible, you may be able to recoup some of the taxes you previously paid.
For more information and to access the full guidance and FAQs from the DOR, visit their website or contact their customer service department. Remember to review the eligibility criteria carefully and gather all necessary documentation before submitting your refund claim. With the DOR’s assistance, you can navigate the refund process smoothly and hopefully receive the refund you are entitled to.
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