More help available for some Tennessee business owners

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Posted at 11:50 AM, Apr 15, 2021
and last updated 2021-04-15 12:51:07-04

NASHVILLE, Tenn. (WTVF) — More help is available for some Tennessee business owners as we continue to rebound from the COVID-19 pandemic.

Payments from multiple Tennessee economic relief programs may be deducted from Tennessee excise taxes. According to the IRS, an excise tax is a tax on different goods, services and activities.

Those who received payments from a series of relief programs, like the Tennessee Business Relief Program, between March 1, 2020 to December 31 of this year, can make the deductions.

The state department of revenue says taxpayers should deduct eligible payments on the return that covers that payment period. So, if the payment was in 2021, it should be on the 2021 return.

Gov. Bill Lee tweeted his support of this exemption yesterday.