Significant Changes to Tennessee’s Franchise Tax Calculation

ARTICLE | April 27, 2024

Tennessee Franchise Tax Update

The Tennessee legislature passed HB 1893/SB2103 which significantly changes how the franchise tax is calculated.  The change repeals the alternative minimum property measure and requires the tax be based solely on the taxpayer’s apportioned net worth.  It is anticipated that the governor will sign the bill next week.   

The Tennessee Society of Certified Public Accountants (TSCPA) has the most comphrensive update regarding this change and what it means for business owners.  You can read that article HERE.   

As always, we are here to help.  Please reach out to your Pugh CPAs tax advisor with any quesstions.  

info@pughcpas.com/865-769-0660