Tennessee Department of Revenue Announces Special Procedure for Schedule G Refunds
The Tennessee Department of Revenue recently announced it has developed a special procedure regarding franchise tax property measure (Schedule G) refunds.
The procedure is available for taxpayers with a Schedule G tax base that is higher than Schedule F net worth if they have already filed or plan to file their 2023 franchise tax return without completing and paying tax based on Schedule G.
Taxpayers with a higher 2023 Schedule G tax base who have already filed or plan to file their 2023 return using Schedule F net worth without fully completing Schedule G must complete both a Pro Forma Schedule G and a Claim for Refund of Franchise Tax Paid on Property Measure (Schedule G) by Nov. 30, 2024.
The department has sent letters with more information and specific instructions to taxpayers it has identified as eligible to use this special procedure for the 2023 tax year. If you have not received a letter but have questions regarding this procedure, contact the department at 615-253-0700, or submit a request to its help desk at https://revenue.support.tn.gov.