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.
Proud to support our businesses with new legislation that exempts state economic relief payments from TN's excise tax. We remain committed to businesses negatively impacted by COVID-19, and this additional tax relief will help many TN companies as they continue to bounce back. https://t.co/FK4cFlItid
— Gov. Bill Lee (@GovBillLee) April 14, 2021
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What is the rebound?
As Middle Tennessee works to rebound from the impact of the Coronavirus, we want to help. Whether it's getting back to work, making ends meet during this uncertain time, or managing the pressure, we're committed to finding solution. In addition, we want to tell your stories of hope, inspiration, and creativity as Middle Tennessee starts to rebound.
Find more in the sections below
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Safely Back to School
How schools are changing, and what you can do to help your child get the most from their education, in-person or virtual -
Making Ends Meet
Find help on topics from rent to food to new belt-tightening techniques -
Managing the Pressure
Feeling isolated or frustrated? Learn ways to connect with people virtually, get counseling or manage your stress. -
Doing What’s Right
Keep track of the way people are spending your tax dollars and treating your community. -
State of Education
Find ways to cope with the new normal around schools and celebrate students’ success in the age of Coronavirus. -
We're Open Y'all
Support local businesses doing their best to stay open and serve their customers during Covid.
