Bill > SB2103

This bill: - Authorizes the Commissioner of Revenue to issue refunds under certain conditions to taxpayers who properly file a claim for refund for franchise taxes paid between May 15, 2024 and November 30, 2024, with certain requirements and limitations. This is intended to address an issue related to the franchise tax's "minimum tax base" provision that was found to be unconstitutional. - Makes various other changes to the franchise tax law, including deleting the minimum tax base provision, defining "exempt inventory" and "finished goods inventory", and making changes to the calculation and reporting of the franchise tax. - Establishes a designated fund to pay the refunds and sets a deadline for any remaining funds to revert to the general fund. - Requires the Attorney General to review and approve the Department of Revenue's process for reviewing refund claims before the department can process them. - Imposes a deadline of November 30, 2024 for filing any lawsuits challenging the franchise tax as unconstitutional on internal consistency grounds. The overall purpose of the bill is to address issues with the franchise tax and provide refunds to taxpayers who were improperly charged under the now unconstitutional minimum tax base provision.

Budget and Finance

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB2103&ga=113