SB1824/HB2074 (2024) expands the natural disaster sales tax refund available to individuals whose primary residence was damaged or destroyed as a result of the Morgan County tornadoes that occurred from April 1, 2024, to April 3, 2024.
Affected individuals may file one claim for a refund on sales tax paid for major appliances and residential furniture purchased to replace items damaged or destroyed in the tornadoes. Additionally, the refund covers sales tax paid on building supplies used to restore, repair, replace, or rebuild the primary residence affected by the natural disaster.
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For more details, please read important notice #24-06.
Source: Read Original Release
Tennessee Franchise Tax Refund Opportunity
Tennessee business owners are eligible for franchise tax refunds following the removal of the property measure from the tax calculation, signed into law by Governor Bill Lee. Eligible taxpayers must amend their returns and submit the necessary forms by November 30, 2024. The Tennessee Department of Revenue has provided resources and urged prompt electronic filing to expedite processing.