Michael Cottone

May 17, 2024 | jdsupra.com | Michael Cottone |Nicole Watson |Chris Wilson

Gov. Bill Lee recently signed into law Public Chapter 950, which creates significant changes in how Tennessee's franchise tax is calculated. Until now, the franchise tax has been calculated based on 1) a taxpayer's "apportioned net worth" or 2) the "actual value" of the taxpayer's real or tangible property owned or used in Tennessee (the Alternative Measure), whichever was greater.