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Bill > HB0526

TN HB0526

TN HB0526
AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 4, Part 7, relative to the Business Tax Act.

summary

Introduced
01/29/2025
In Committee
02/25/2025
Crossed Over
Passed
Dead

Introduced Session

114th General Assembly

Bill Summary

As introduced, authorizes the commissioner of revenue to change the due date of the taxpayer's business tax return to a date that is not less than 60 calendar days, rather than two calendar months, following the end of the taxpayer's business tax period for purposes of the commissioner changing a taxpayer's business tax period to correspond to the taxpayer's fiscal year. - Amends TCA Title 67, Chapter 4, Part 7.

AI Summary

This bill modifies Tennessee's Business Tax Act by allowing the commissioner of revenue to adjust the due date for business tax returns with slightly more flexibility. Specifically, the bill changes the existing language from "two (2) calendar months" to "sixty (60) calendar days" when determining how long a taxpayer has to file their business tax return after the end of their business tax period. This change gives businesses and the revenue commissioner a bit more precise timing for tax return submissions, potentially making it easier to align tax returns with a company's fiscal year. The bill will take effect on July 1, 2025, and appears to be a technical adjustment to provide more clarity and potentially more administrative flexibility in tax reporting. The modification seems minor but could be helpful for businesses with complex financial reporting schedules or those whose fiscal years do not neatly align with standard calendar months.

Committee Categories

Budget and Finance

Sponsors (2)

Last Action

Placed on s/c cal Finance, Ways, and Means Subcommittee for 4/14/2025 (on 04/09/2025)
(1 Companion Bills)

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