The Internal Revenue Service (IRS) and Tennessee Department of Revenue have extended the tax filing and payment deadlines for Tennesseans affected by the December 9 severe storms and tornadoes.
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$400 Million Tax Cut Bill Includes Grocery Tax Holiday, Tax Cuts for Small Businesses
According to the Tennessee Department of Revenue (TDOR), the state will soon begin implementing a $400 million tax cut law recently passed by the Tennessee General Assembly.
“Decades of smart fiscal stewardship have enabled Tennessee to maintain a balanced budget while cutting taxes for Tennessee families and businesses,” said Governor Bill Lee in a TDOR release. “We are proud to continue that legacy this year by putting dollars back in the pockets of Tennesseans and supporting future economic growth across Tennessee, and I thank the General Assembly for its partnership to promote future growth and opportunity for our state.”
Read the full storyNew Law Waives State Sales and Use Tax on Some Farming Supplies and Equipment Purchases
The Tennessee Department of Revenue and the Tennessee Department of Agriculture has issued a public reminder noting that a new law that took effect in the new year made certain items tax-free for qualified farmers, timber harvesters, and nursery operators.
Read the full storyTennessee Department of Revenue Announces Three Upcoming Tax Holidays
Tennesseans can expect to enjoy three tax holidays over the next several months, according to the state’s Department of Revenue (DOR).
Annually, Tennessee holds a sales tax holiday for the month of July, letting them off the hook for state and local sales taxes, which can be up to 10 percent.
Read the full storyPotential Tax Relief Available to Tennesseans Impacted by Recent Storms, Department of Revenue Says
On Thursday in a press release, the Tennessee Department of Revenue reminded Tennessee residents impacted by December’s severe weather that they are potentially eligible for sales tax refunds on home appliances, home furniture, and home building supplies, as they rebuild after storms.
Read the full storyTennessee House Passes Bill to Cancel Excise Tax for Certain COVID-19 Relief Payments to Businesses
The Tennessee House passed a bill cancelling the excise tax on certain COVID-19 payments given to businesses. The legislation would cover all payments from March 1 to December 31 of last year.
If passed, the bill would apply to payments from the Tennessee Business Relief Program, the Tennessee Supplemental Employer Recovery Grant Program, the Coronavirus Agricultural and Forestry Business Fund, the Hospital Staffing Assistance Program, the Emergency Medical Services Ambulance Assistance Program, the Tennessee Small and Rural Hospital Readiness Grants Program, or the federal Child Care and Development Block Grant.
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