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April 25, 2023 Last Edit: June 5, 2025
2023 Tennessee Legislative Victories
- More than $150 million in annual small business tax relief, including raising the exemption threshold for the business tax from $10,000 to $100,000 in gross receipts (140,000 businesses will qualify), exempting the first $50,000 of net income from excise tax (70,000 will qualify, maximum savings of $3,250) and protecting the first $500,000 in property investment from the franchise tax (68,000 will qualify, maximum savings of $1,250)
- $64 million to simplify tax administration and conform with the federal bonus depreciation provisions of the 2017 Tax Cuts & Jobs Act, allowing businesses to more quickly recover costs and further incentivize investment
- Aligning Tennessee with more than 30 states by adopting “single sales factor” apportionment for the franchise and excise tax (removes property & payroll in the calculation over a three-year period)
- Extending the in-state business tax exemption to manufacturers with storage facilities within a 10-mile radius
- $273 million for a one-time, three-month sales tax holiday on grocery items from August through October
State:
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