Governor Lee Signs Tangible Personal Property Tax Reform Bill

July 13, 2023

The measure will give many small businesses the option to skip filing the cumbersome annual schedule and just pay a small tax

Governor Lee Signs Tangible Personal Property Tax Reform Bill

On July 12, Gov. Bill Lee signed Public Chapter 341, which will eliminate much wasted time, money and frustration dealing with the tangible personal property tax. “More than half of Tennessee’s small businesses will have the option to skip filing the cumbersome annual schedule and just pay a small tax,” NFIB State Director Jim Brown said. “We thank the bill’s (SB 384/HB 804) prime sponsors – Sens. Jon Lundberg of Bristol and Ken Yager of Kingston and Rep. Pat Marsh of Shelbyville. “We also thank our partners on this bill, including the Tennessee Chamber of Commerce & Industry, the Beacon Center of Tennessee and several local government groups, for their hard work and collaboration,” he said. “Finally, we thank the Tennessee Advisory Commission on Intergovernmental Relations chaired by Senator Yager for their excellent study on this issue.” Optional filing of the schedule will begin in Tax Year 2025 if you have $10,000 or less in depreciated tangible personal property. NFIB will continue to advocate for further reform on this issue based on our 2023 Ballot results.

Topics:

Uncategorized

State:

Tennessee

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More