Franchise Tax Refund Opportunity for Tennessee Businesses

Tennessee businesses can now claim franchise tax refunds for property measures.

NASHVILLE – The Tennessee Department of Revenue announces the opening of the claim period for franchise tax property measure (Schedule G) refunds for eligible business owners today. This comes after the signing of SB2103/HB1893 by Governor Bill Lee on May 10, 2024, which removed the property measure from the franchise tax calculation and authorized the Department to issue refunds to eligible taxpayers.

Taxpayers who have paid franchise tax on property measure using Schedule G for tax years ending on or after March 31, 2020, and filed a return with the department on or after January 1, 2021, are eligible for the refund. To claim, taxpayers must amend their franchise and excise tax returns for all applicable tax periods and submit a Claim for Refund of Franchise Tax Paid on Property Measure (Schedule G) form by November 30, 2024.

The Department of Revenue has proactively reached out to potentially eligible taxpayers through letters sent via U.S. Mail. However, all taxpayers who believe they might qualify for the refund are encouraged to review their records or consult with a tax professional. Additionally, the Department has launched a dedicated website at to answer frequently asked questions, provide a recorded webinar demonstration on filing a refund claim, and offer other helpful resources.

Revenue Commissioner David Gerregano urges eligible taxpayers to file their claims promptly and recommends electronic filing to potentially speed up the process. The Department of Revenue plays a critical role in the administration of state tax laws, including the collection of taxes and fees which constitute about 87 percent of Tennessee’s total state revenue. In the fiscal year 2023, it collected $22 billion in state taxes and fees, along with over $4.6 billion for local governments. For more information about the Department and its services, visit

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