Tennessee House Passes Historic Business Tax Cut Bill Led by Majority Leader Lamberth
Businesses Could Claim Refunds Under Senate Bill 2103 After Tennessee House Approval
According to WKRN.com the Tennessee House just approved a big tax cut bill. It’s the largest reduction in business taxes ever in the state. Led by House Majority Leader William Lamberth the law wants to change how Tennessee taxes businesses’ net worth. With Senate Bill 2103 businesses that paid these taxes in the past year can now ask for money back from the state. This could add up to $700 million.
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(PHOTO:
The Daily Signal)Tennessee House Approves Record-Breaking Business Tax Cuts: Bill Aims to Attract Corporations, Sparks Debate on State Finances
Debate Ensues Over Tennessee Tax Cut Bill:
Cutting the franchise tax which has been around since 1935 is seen as a big deal. It’s meant to make Tennessee more attractive to businesses. But not everyone is happy about the bill Business Tax Cuts. Some people don’t think the state should give money back to corporations for taxes they already paid. They worry it could hurt the state’s finances. Even though House Democrats fought against it the bill Business Tax Cuts passed with most of the votes coming from Republicans. As the bill Business Tax Cuts moves forward there are still arguments about certain parts of it. If the Senate and House can’t agree they’ll need to talk more before the bill Business Tax Cuts can become law. This bill will affect how businesses operate in Tennessee and how the state manages its money. So it’s getting a lot of attention and discussion from lawmakers.
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