Claim Period for Franchise Tax Property Measure (Schedule G) Refunds Opens Today

May 15, 2024

Attention eligible business owners: The claim period for franchise tax property measure (Schedule G) refunds opens today. There’s limited time to file for this refund.

On May 10, 2024, Gov. Bill Lee signed Public Chapter 950 (2024), which eliminates the property measure from the franchise tax calculation and authorizes the Department of Revenue to issue franchise tax refunds to eligible taxpayers. Taxpayers who paid the franchise tax on the property measure using Schedule G for tax years ending on or after March 31, 2020, for which a return was filed with the department on or after Jan. 1, 2021, are eligible for a refund.

To obtain a refund, eligible taxpayers must amend their franchise and excise tax returns for all eligible tax periods and file a Claim for Refund of Franchise Tax Paid on Property Measure (Schedule G) form. Both the amended returns and the refund claim form must be submitted by Nov. 30, 2024.

The Department of Revenue has sent letters via U.S. Mail to taxpayers who are potentially eligible for these refunds. Regardless of whether you receive a letter, the department encourages taxpayers to review their records and/or consult a tax professional to determine if they qualify for a refund. The department has also created a website with frequently asked questions, a recorded webinar with a demo on how to file your refund claim and other resources to assist taxpayers.

“We encourage eligible taxpayers to file for these refunds as soon as possible,” Revenue Commissioner David Gerregano said. “Electronic filing of claims is recommended, as it may expedite the process.”

Complimentary CPE: Tennessee Franchise Tax Update