Greg Weidenhoffer, CTP

May 10, 2024 UPDATE: The legislation discussed below, Senate Bill 2103, was signed by Governor Bill Lee this afternoon, and is now officially law. (So any beleaguered tax preparers who were secretly hoping for a veto are out of luck!) For more detail, read on... It took until the last day of the 2024 legislative session, but the Tennessee General Assembly has finally enacted the much-anticipated Tennessee franchise tax reform! The proposal was a highlight of Governor Bill Lee's State of the State address on February 5, 2024. After several weeks of legislative back-and-forth, the House and Senate agreed to a compromise version that was approved by both bodies on the afternoon of April 25, 2024. The legislation is now on its way to Governor Lee, where a quick signing is anticipated. This is one of the more significant changes in the history of Tennessee's 87-year old franchise tax. The Tennessee Department of Revenue estimates that it could result in total refunds of up to $1.5 B of franchise tax paid by roughly 100,000 taxpayers.   While a great opportunity for affected taxpayers to get a cash refund, there is much work to be done in a relatively short timeframe. See below for insights and details, including some Frequently Asked Questions.

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Agriculture is a cornerstone of our economy that benefits uniquely from targeted tax incentives such as bonus depreciation. From 2023 to 2026, this game-changing incentive extends to all sectors within agriculture, including those previously excluded, offering accelerated depreciation benefits to diverse farming industries. #Agriculture #TaxIncentives #BonusDepreciation

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Tune in to this episode of “It Figures: The CRI Podcast,” as CRI Partner Dean Mead and Anne Ross, Principal Consultant at Muni Credit & Compliance Advisors, LLC, dive deep into how state and local governments finance crucial infrastructure projects like highways and water mains. Learn all about the role of an underwriter and its importance to government debt issuers. Don’t miss this insightful discussion—perfect for anyone interested in government finance and municipal bonds! #GovernmentFinance #MunicipalBonds #InfrastructureInvestment #CRIPodcast

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Tune in to this episode of “It Figures: The CRI Podcast,” as CRI Partner Dean Mead and Anne Ross, Principal Consultant at Muni Credit & Compliance Advisors, LLC, dive deep into how state and local governments finance crucial infrastructure projects like highways and water mains. Learn all about the role of an underwriter and its importance to government debt issuers. Don’t miss this insightful discussion—perfect for anyone interested in government finance and municipal bonds! #GovernmentFinance #MunicipalBonds #InfrastructureInvestment #CRIPodcast

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Small businesses are the backbone of our economy, embodying resilience and innovation that drive economic progress, create jobs, and lead community development nationwide. Yet, establishing a solid financial foundation, crucial for any small business aiming to thrive in 2024 and beyond, can often present a challenge. Explore how adopting robust financial strategies will shield your business from future economic uncertainties and pave the way for sustained growth. #SmallBusiness #FinancialPlanning #FinancialStrategies

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Small businesses are the backbone of our economy, embodying resilience and innovation that drive economic progress, create jobs, and lead community development nationwide. Yet, establishing a solid financial foundation, crucial for any small business aiming to thrive in 2024 and beyond, can often present a challenge. Explore how adopting robust financial strategies will shield your business from future economic uncertainties and pave the way for sustained growth. #SmallBusiness #FinancialPlanning #FinancialStrategies

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On April 25, 2024, the Tennessee General Assembly passed HB 1893/SB 2103, repealing the property base component of the franchise tax. This change allows taxpayers who have paid Franchise taxes based on the property tax base for the preceding three years to file a refund claim for the difference between the property tax base assessment and the calculated net worth base. Time is limited for affected taxpayers to file claims, with the deadline ending November 30, 2024, for returns filed since January 1, 2021. #TaxReform #Tennessee #FranchiseTax

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Over the next 18 years, more than $60 billion in opioid settlement funds will be paid to state governments, with portions allocated to local governments. Join CRI Partners April Shuping, Becky Hammond, and Dean Mead in the latest episode of "It Figures: The CRI Podcast" as they guide local government finance officers on the key questions to ask and the resources available for proper accounting and disclosure of these funds. #OpioidSettlement #LocalGovernment #Finance #CRIPodcast

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Over the next 18 years, more than $60 billion in opioid settlement funds will be paid to state governments, with portions allocated to local governments. Join CRI Partners April Shuping, Becky Hammond, and Dean Mead in the latest episode of "It Figures: The CRI Podcast" as they guide local government finance officers on the key questions to ask and the resources available for proper accounting and disclosure of these funds. #OpioidSettlement #LocalGovernment #Finance #CRIPodcast

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Small businesses are the backbone of our economy, embodying resilience and innovation that drive economic progress, create jobs, and lead community development nationwide. Yet, establishing a solid financial foundation, crucial for any small business aiming to thrive in 2024 and beyond, can often present a challenge. Explore how adopting robust financial strategies will shield your business from future economic uncertainties and pave the way for sustained growth. #SmallBusiness #FinancialPlanning #FinancialStrategies

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