Tennessee has a Franchise Tax that applies to all Corporations, LPs, and LLCs doing business in the state. It is typically filed by an accountant as part of Tennessee's combined business tax filing: Form FAE170 - Franchise & Excise Tax Return.
The Tennessee Department of Revenue has a Franchise and Excise tax section on its website that outlines details about the tax and provides guidance and the forms themselves.
Tennessee Franchise Tax is due on the 15th day of the fourth month following the close of your tax year. For calendar-year filers, that's April 15th.
For tax years ending on or after January 1, 2024, the Tennessee franchise tax is calculated as 0.25% of your entity's Tennessee-apportioned net worth (assets minus liabilities).
The alternative property-based measure was repealed through HB 1893/SB 2103, passed in April 2024. The minimum tax remains $100.
Tennessee provides schedules on Form FAE170 to help calculate franchise tax based on net worth (Schedule F1, F2, or F/SF depending on entity type).
Discern provides automated deadline notifications and compliance tracking for Tennessee franchise taxes, ensuring you never miss critical filing dates.
While Tennessee franchise taxes are typically filed by accountants, Discern notifies you when filings are due, provides guidance and links to required forms, and offers centralized tracking across all jurisdictions where you operate. Book a demo today to streamline your multi-state compliance management.
.png){kind=small}