Gov. Lee Signs Franchise Tax Cut Bill - TBA Law Blog

TBA Law Blog


Posted by: Stacey Shrader Joslin on May 13, 2024

Gov. Bill Lee on Friday signed a $1.9 billion franchise tax cut into law, the Tennessee Journal reports. The law provides businesses with state operations $1.55 billion in refunds for the past three tax years if they paid the property tax element of the two-component tax. It also eliminates the property tax portion going forward at a projected cost of $405 million per year.