Frequently Asked Questions: Business Tax Threshold Change under Tennessee Works Tax Act
Attention small business owners: under the Tennessee Works Tax Act passed in the 2023 legislative session, it is estimated that over 100,000 registered businesses will no longer have to file business tax.
The legislation raises the threshold for filing to businesses with gross receipts of $100,000 or more per jurisdiction. This change applies to tax periods ending on or after December 31, 2023. Late last year, the Department of Revenue sent letters to business owners likely to be impacted by this change. In the video below, Taxpayer Services Director Alaina Turner answers some frequently asked questions on this topic.