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Bill > SB0752

TN SB0752

TN SB0752
AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 4, Part 7, relative to the Business Tax Act.

summary

Introduced
02/04/2025
In Committee
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 amends Tennessee's Business Tax Act by changing the timeframe within which the commissioner of revenue can modify a taxpayer's business tax return due date. Specifically, the bill replaces the existing requirement of "two calendar months" with "sixty (60) calendar days" when allowing the commissioner to adjust a taxpayer's business tax period to align with their fiscal year. This modification provides slightly more flexibility in setting tax return deadlines, potentially giving businesses a bit more time to prepare and submit their returns. The change will take effect on July 1, 2025, and is intended to support the public welfare by providing a more precise and potentially more accommodating timeline for tax reporting. While the numerical difference between "two calendar months" and "sixty calendar days" is minimal, the bill ensures a more standardized and explicit definition of the timeframe for tax period adjustments.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

Placed on Senate Finance, Ways, and Means Committee calendar for 4/21/2025 (on 04/17/2025)
(1 Companion Bills)

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