Last week, Tennessee radically reformed the franchise tax, repealing the so-called alternative property measure. Tennessee’s franchise tax has historically been imposed on the value of a taxpayer’s property located in Tennessee or the taxpayer’s net worth — whichever is greater. This had effectively imposed a higher tax burden on the state’s real estate industry and brick-and-mortar businesses.
Following intense criticism and the threat of lawsuits, lawmakers decided to abandon the property measure. Now, all taxpayers will pay franchise tax on net worth – significantly lowering taxes for many in-state property owners and brick-and-mortar businesses. The new law also grants automatic refunds to any taxpayer that paid on the property measure in the last three years – though the money comes with strings and a short six-month window for taxpayers to decide whether to take the money.
Attorneys Steve Jasper, Robert Guth and Mike Stewart will examine the details of this historic legislation and its particular impact on Tennessee’s real estate industry during a webinar on Wednesday, May 1 from 12:00 pm – 12:45 pm CT. They will explain how this legislation came about, what it means for the real estate industry going forward, and what eligible taxpayers need to know about the law’s refund offer.
To register for the webinar, please click here.
Who Should Attend?
- Tennessee real estate owners, investors, brokers and lenders.
- Anyone considering investing in Tennessee real estate.
Questions?
Submit your questions for presenters upon registration or email questions to Emma Brodeur.