Other/Miscellaneous:
Tennessee DOR Issues Reminder on Business Tax Law Changes and Increased Filing Threshold
Press Release: Small Businesses No Longer Have to File Business Tax, Tenn. Dept. of Rev. (3/4/24). The Tennessee Department of Revenue (Department) issued a reminder on state tax law changes from 2023 that increased the filing threshold for taxpayers subject to Tennessee’s business tax (TBT) [see H.B. 323 (2023), and previously issued Multistate Tax Alert for more details on the Tennessee business tax law changes]. The Department explains how for tax periods ending on or after December 31, 2023, Tennessee law has “eliminated the annual business tax filing obligation for businesses with annual gross sales under $100,000 within a county and/or city.” To help raise awareness of this law change, the Department states that it has recently sent letters with instructions to business owners that may be affected, asking them to confirm locations that are no longer subject to the TBT. The Department notes that, regardless, businesses not liable for the TBT “are still required to keep their business licenses up to date,” and for jurisdiction(s) where a business’s total gross sales are between $3,000 and $100,000, it “must obtain a minimal activity license directly from the local county or city jurisdiction.” Please contact us with any questions.
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