Michael Paxton’s Post

Deloitte Multistate Tax specialist weighs in on Tennessee’s $1.55 billion franchise tax refunds in the latest @bloombergtax article. Learn more:

Deloitte Multistate Tax specialist weighs in on Tennessee’s $1.55 billion franchise tax refunds in the latest @bloombergtax article. Learn more: 

Deloitte Multistate Tax specialist weighs in on Tennessee’s $1.55 billion franchise tax refunds in the latest @bloombergtax article. Learn more: 

Franchise tax reports are due May 15. Beginning this year, entities with no franchise tax due are not required to file a tax report but still are responsible for filing a public information report. The no-tax-due revenue threshold for reports due in 2024 is $2.47 million in total revenue. Franchise taxes are the fourth largest source of state revenue at 8.3% of all revenue, or about $6.82 billion, according to the Texas Comptroller of Public Accounts. #franchisetax #tax

On Friday May 10, #Tennessee Governor Bill Lee signed into law one of the biggest business tax cuts in the history of the state. On the last day of the year’s legislative session, the General Assembly passed legislation removing the real and tangible property alternative minimum measure of the state’s franchise tax and providing refunds for businesses who paid franchise taxes using the alternative measure during the last three years. The legislation is expected to result in $400 million of recurring tax savings for businesses annually and provide up to $1.5 billion in refunds this year. Check out the link below for more information. #taxcut #franchisetax #business #manufacturing #publicpolicy Greater Jackson Chamber Tennessee Chamber of Commerce & Industry Tennessee Department of Economic and Community Development Tennessee Department of Revenue

Tennessee franchise tax refund legislation finally reaches compromise on last day of session. SB2103 allows 3 years of refunds but requires public disclosure of taxpayers who get refunds. Now we wait for the Governor to sign. #tennessee #franchisetax #tnfranchisetax #tntax #tax #taxes #SALT #stateandlocaltax #statetax #multistatetax #realestate #manufacturing #middlemarket #privateequity #taxlegislation #tnlegislation #tnbusiness

The California minimum corporate franchise tax waiver for new LLCs has not been extended for 2024. Discover what this means for your company in our new blog post. Read the full blog now: https://lnkd.in/geFPDVYV

Tax Alert ⚠️ The window to claim Tennessee Franchise Tax refunds is closing. Taxpayers who paid tax on the property base must decide whether they want to claim the benefit of the refunds by the December 2nd deadline for filing refund claims authorized under the new legislation. Learn more in Partner-in-Charge of Aprio's State and Local Tax Services Jeff Glickman's article featured in the Nashville Business Journal and contact an Aprio state and local tax advisor to help you navigate these tax changes. #TaxAlert #TennesseeFranchiseTax

Is your company doing business in multiple states? Don't forget to consider gross receipts taxes in addition to income, franchise, sales, use, and property taxes. #grossreceiptstax #incometax #propertytax #salestax #SALT

Tennessee Tax Update! Governor Bill Lee's proposal to amend the franchise tax could mean reduced tax liabilities and potential refunds for prior years. Stay tuned for updates on this evolving legislation as it moves through the legislative process. #TennesseeTax #FranchiseTax #TaxUpdate #LBMCInsights