Income/Franchise:
Tennessee: Updated Tax Manual Reflects Recent Law Changes Including Single Sales Factor Adoption
Franchise and Excise Tax Manual, Tenn. Dept. of Rev. (updated 12/23); Tax Manual Updates, Tenn. Dept. of Rev. (12/23). The Tennessee Department of Revenue updated some of its tax manuals to incorporate recent significant state tax law changes, including phasing in single sales factor apportionment for Tennessee franchise and excise tax purposes [see H.B. 323, signed by gov. 5/11/23, and previously issued Multistate Tax Alert for more details on these Tennessee franchise and excise tax law changes]. The updated franchise and excise tax manual includes additional information on implementing Tennessee’s new apportionment provisions. Please contact us with any questions.
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