Tennessee Franchise and Excise Return Extension Lengthened for Tax Years Beginning Jan. 1, 2021
Throughout the pandemic and following natural disasters, TSCPA and the AICPA worked to extend tax filing deadlines. When extensions were announced at the federal level, TSCPA worked quickly with the Tennessee Department of Revenue to make sure state tax filing deadlines were also extended accordingly. One of the extensions passed by the 112th Tennessee General Assembly was for the Tennessee franchise and excise tax.
PC 559 amended Tenn. Code Ann. 67-4-2015(h)(1)(A) to lengthen the extension for filing Tennessee franchise and excise tax returns from six months to seven months for tax years beginning on or after Jan. 1, 2021. So, calendar year franchise and excise returns will have an extended due date of Nov. 15, 2022. The due date now aligns with the extended federal Form 990-T deadline.
Previously, the due date of the Tennessee franchise and excise return fell one month prior to the due date of the Form 990-T. The Form 990-T was due 11 months, with a valid extension, after the fiscal year-end. The Tennessee franchise and excise return was due 10 months, with a valid extension, after the fiscal year-end.