Updated Requirements for Tennessee Contractor License Renewal

In 2024, the State of Tennessee implemented changes to the financial statement requirements for certain contractor license renewals.

Key Changes:

• Bid Limits Over $1.5 Million: Previously, contractors with bid limits exceeding $1.5 million were required to submit audited financial statements. With the update from the Tennessee Board for Licensing Contractors, compilations prepared by a certified public accountant are sufficient.

• Bid Limits $1.5 Million or Less: Notarized internal financial statements remain acceptable for most contractors in this category. However, the licensing board reserves the right to request reviewed financial statements if deemed necessary.

Callison CPA can assist you with preparing the necessary financial statements to ensure a smooth renewal process. Contact us today to schedule a consultation and discuss your specific needs.

NOTE: Callison CPA does not offer guidance or advice on the contractor licensing application or renewal process. We provide compilations and reviews of financial statements that are requred for licensing. Please refer to the State of Tennessee website for more details on how to apply for or renew a contractor’s license in Tennessee.