Tennessee’s Disaster Tax Relief Programs: What You Need to Know
In the wake of a disaster, the last thing you want to worry about is your taxes. But the Tennessee Department of Revenue is here to help.
The department offers a number of tax relief programs for businesses and individuals who have been affected by disasters, including hurricanes, tornadoes, floods, and wildfires.
Here’s what you need to know about Tennessee’s disaster tax relief programs.
Businesses
If your business has been affected by a disaster, you may be eligible for a number of tax relief programs, including:
Disaster Business Loss Deduction: This deduction allows businesses to deduct up to $100,000 of disaster-related business losses on their state income tax return. To be eligible, businesses must have suffered a loss of income or property due to a declared disaster.
This deduction allows businesses to deduct up to $100,000 of disaster-related business losses on their state income tax return. To be eligible, businesses must have suffered a loss of income or property due to a declared disaster. Disaster Business Personal Property Tax Relief: This program provides businesses with a refund of up to 100% of the personal property taxes paid on property that was destroyed or damaged in a declared disaster. To be eligible, businesses must have suffered a loss of income or property due to a declared disaster.
This program provides businesses with a refund of up to 100% of the personal property taxes paid on property that was destroyed or damaged in a declared disaster. To be eligible, businesses must have suffered a loss of income or property due to a declared disaster. Disaster Unemployment Assistance: This program provides financial assistance to businesses that have been forced to close or reduce operations due to a declared disaster. To be eligible, businesses must have suffered a loss of income or property due to a declared disaster.
Individuals
If you’ve been affected by a disaster, you may be eligible for a number of tax relief programs, including:
Disaster Homeowner’s Tax Relief: This program provides a refund of up to 100% of the property taxes paid on property that was destroyed or damaged in a declared disaster. To be eligible, homeowners must have suffered a loss of income or property due to a declared disaster.
This program provides a refund of up to 100% of the property taxes paid on property that was destroyed or damaged in a declared disaster. To be eligible, homeowners must have suffered a loss of income or property due to a declared disaster. Disaster Rental Tax Relief: This program provides a refund of up to 100% of the property taxes paid on rental property that was destroyed or damaged in a declared disaster. To be eligible, landlords must have suffered a loss of income or property due to a declared disaster.
This program provides a refund of up to 100% of the property taxes paid on rental property that was destroyed or damaged in a declared disaster. To be eligible, landlords must have suffered a loss of income or property due to a declared disaster. Disaster Unemployment Assistance: This program provides financial assistance to individuals who have been forced to leave their jobs or reduce their work hours due to a declared disaster. To be eligible, individuals must have lost their job or had their work hours reduced due to a declared disaster.
For more information on Tennessee’s disaster tax relief programs, visit the Department of Revenue’s website.
https://www.tn.gov/revenue/businesses/disaster-relief.html
https://www.tn.gov/revenue/individuals/disaster-relief.html
https://www.tn.gov/revenue/news/2020/3/24/tennessees-disaster-tax-relief-programs-what-you-need-to-know.html