Skip to content

NFIB Statement on TN House, Senate Agreement on Franchise Tax Reform

NFIB Statement on TN House, Senate Agreement on Franchise Tax Reform

April 25, 2024 Last Edit: July 23, 2024

'NFIB appreciates the tremendous work by Governor Lee and the General Assembly to pass major franchise tax reform at the end of session'

NFIB State Director Jim Brown released the following statement today following the passage of SB 2103, legislation that will provide targeted financial relief to many small businesses by changing how the state franchise tax is calculated:

“NFIB appreciates the tremendous work by Governor Lee and the General Assembly to pass major franchise tax reform at the end of session. Passage of Senate Bill 2103 will help many Tennessee-based small businesses who’ve been using the constitutionally suspect ‘property measure’ when calculating their F&E taxes.

“More than 80% of the 100,000 eligible businesses are based in Tennessee, and 98% will qualify for refunds of $50,000 or less. Not only will these small- to mid-sized taxpayers see a $400 million tax cut going forward but they also will be able to apply for refunds for overcollections of these payments, which they’ll be reinvesting in their employees and businesses during this uncertain economic period.”

Click here to learn more about the agreement’s impact on small businesses.

Get to know NFIB

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

Receive our newsletter and email notification
Knowledge is power. Let us help you stay informed with breaking legislative news, regulatory updates, business tips, and more.

Related Articles

Radio Microphone with an on air sign in the bacjkground
April 17, 2025
NFIB’s Jeff Brabant Joins WSYR Radio to Warn of Massive Tax H…
Highlights recent NFIB poll showing strong public support for the Small Bus…
Read More
April 17, 2025
“We Really Cannot Wait,” NFIB tells Los Angeles Radio Audie…
Josselin Castillo on the Small Business Deduction
Read More
April 16, 2025
New Polling Shows Strong Support for the 20% Small Business Ded…
As Congress debates tax policy, new polling shows bipartisan American suppo…
Read More
Florida Capitol, December 2021, photo by TODD PACK
April 16, 2025
Tell Florida State Senators to Reduce the Business Rent Tax
HB 7031 reduces the state’s sales tax on commercial rents and leases
Read More

© 2001 - 2025 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy Policy | Accessibility