Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Taxes Refunds topic
No spam. Unsubscribe anytime.
Department of Revenue reports nearly $1.3 billion refunded under franchise tax provision; 67,000 claims processed
Summary
Tennessee Department of Revenue officials told the committee they received about 67,000 refund claims under last year's franchise tax provision and have refunded just under $1.3 billion, with remaining claims still being processed.
Department of Revenue leaders told the committee the department has processed roughly 67,000 claims under the franchise tax refund provision enacted in last year's session and has refunded just under $1,300,000,000 to date.
David Gergen, a department official presenting to the committee, summarized the refund workload and remaining amounts the department is holding for unresolved claims and for taxpayers affected by Hurricane Ian. He said about $11,000,000 is being held for taxpayers and counties affected by the hurricane and that the department has notified the finance agency it believes an additional $113,000,000 can be included in this year's budget as it will not be used.
Gergen told the committee there are remaining pending claims totaling about $151,000,000, some of which relate to the 2023 tax year and a mix of taxpayers who paid or did not pay before the statutory deadlines. The department said it is working through the pending claims and will provide final numbers to the administration and the General Assembly when the work is complete.
Committee members pressed the department on timing and whether the episode sets a precedent for future tax changes; department officials said the scale of this event was unique and that they are moving to resolve outstanding claims quickly.
