Tennessee's Department of Revenue has thrown a bone to taxpayers in the form of an informative webinar. Slated for May 7 at 9:00 A.M. Central time, it promises to spill the beans on the prospects of franchise tax refunds, following the introduction of Tennessee House Bill 1893. The free session will shine a light on how this new piece of legislation is set to eliminate the franchise tax property measure while setting up a system for statutorily mandated taxpayer refunds.

Per details released by the Department of Revenue, the virtual gathering is more than just a lecture — it's a dialogue. Having taxpayers hunched over their computers, Revenue administrative staff will break down the intricate workings of the bill and what it means for the pockets of businesses. They’ll also provide the skinny on filing for refunds, hoping to clarify a process that often seems like a jigsaw puzzle to the untrained eye.

State representatives have been vocal about the benefits this bill would bring to the table. By ditching the property measure from the franchise tax calculation, lawmakers aim to alleviate some of the fiscal burden on businesses within Tennessee. As the state looks to remain competitive in the scram for business investment, figures show such legislative tweaks could be the difference-maker.

Interested parties are urged to register on the Department of Revenue's website, where further information is available as well.