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18557: TN - Franchise Tax Refund of Franchise Tax Paid on Property Measure (Schedule G)


Tennessee

How does the taxpayer get a refund of franchise tax paid using Schedule G under the TN Public Chapter 950 (2024)?

 

Public Chapter 950 (2024), signed on May 10, 2024, allows eligible taxpayers to request a refund of franchise tax by first amending their franchise and excise tax return and then filing the Claim for Refund of Franchise Tax Paid on Property Measure (Schedule G). Taxpayers should review the filing instructions on the Tennessee TNTAP website. If preferred, you can use Drake Tax 2023, 2022, or 2021 to create and e-file the amended return, however, the Claim for Refund of Franchise Tax Paid on Property Measure (Schedule G) must be completed and submitted online. If the original return was filed through Drake Tax 2019 or 2020, both the amended return and refund claim must be completed on the TNTAP website.

Amended returns and refund claims must be submitted by Saturday, November 30, 2024.

IMPORTANT: Changes will not be made to any year of Drake Tax as the amendment and refund request are available online.

To be eligible to claim a refund, the taxpayer must have used Schedule G (TN 170 FAE, pg. 2) to calculate the franchise tax (TN FAE 170, page 1, line 2) on a return that was filed on or after January 1, 2021, for a tax period that ended on or after March 31, 2020. If the taxpayer is eligible to claim refunds for multiple years, the returns must be amended in chronological order, starting with the first eligible return.

  • If the taxpayer used Schedule F (net worth) to calculate the franchise tax that was paid, they are not eligible for this refund.
  • If the taxpayer paid the minimum franchise tax, they are not eligible for this refund.
  • If the taxpayer's tax period ended prior to March 31, 2020, or they filed the return prior to January 1, 2021, they are not eligible for this refund.

For more information and frequently asked questions, see the TN DOR 2024 Franchise Tax page.


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