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Franchise and excise tax primer: what corporations and LLCs should know
Summary
Presenters summarized Tennessee's franchise and excise (F&E) tax basics for corporations and most LLCs, including who must register, how franchise tax is computed for tax years ending on/after Jan. 1, 2024, filing deadlines, extension rules and estimated payments.
Tennessee Department of Revenue staff gave a concise overview of the state's franchise and excise tax obligations aimed at corporations, LLCs and other entities subject to F&E tax.
Katie Julian explained the distinction between the two components: excise tax is imposed on net income (or loss) and franchise tax for tax years ending on or after Jan. 1, 2024, is computed on net worth (not the prior property measure). "The excise tax and the franchise tax are imposed on corporations and most LLCs for the privilege of doing business in Tennessee," Julian said.
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