Tennessee Legislature Considers $1.2 Billion Franchise Business Tax Refund
Proposal Could Save Businesses $410 Million Annually, Potentially Alleviating Financial Strain
According to The Center Square, the Tennessee Legislature is thinking about giving back $1.2 billion to business tax refund. This might cost the state up to $1.5 billion. The plan is to reduce the yearly franchise business tax refund by $410 million. They want to do this by stopping businesses from paying property taxes as part of the franchise tax.
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$1.2B Tennessee Business Tax Refund Legislature Begins Discussion (PHOTO: The Center Square)
First-Ever Business Tax Refund Proposed in Tennessee, Sparks Interest and Contemplation
Tennessee plans business tax refund from 2020 to 2023. David Gerregano from the Revenue Department, says this would be the first time Tennessee has done this. Senator Jeff Yarbro believes it could help businesses and make Tennessee more attractive. People are watching to see how it affects the state’s finances and businesses.
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