The state Department of Revenue has posted a pair of Important Notices on measures that passed during this year’s session of the General Assembly.
Important Notice #22-03 concerns research and development expenditures. Click here to read it. With the passage of SB 2397/HB 2144, Tennessee became the first state to allow companies doing business in our state to continue fully deducting all research and development-related expenses when filing their state excise taxes. The “decoupling” legislation was necessary because of expiring provisions in the Tax Cuts & Jobs Act, the 2017 federal tax reform bill.
Important Notice #22-4 concerns wholesaler/retailer certificates. Click here to read it.