NASHVILLE, Tenn. (WTVF) — After months of deadlock, the Tennessee House and Senate have reached a compromise to pass business tax cuts and refunds.
Earlier this year, Governor Bill Lee announced he wanted to make changes to the state’s business tax, the franchise and sales tax.
Lee’s government was concerned that some companies would sue the state for unfair taxes. The governor therefore proposed not only tax cuts, but also refunds to businesses three years in advance.
Democrats opposed the move from the beginning.
“Do you know how many roads you could build in your district with $1.5 billion? Do you know how many teachers you could hire with $1.5 billion? How many people you could send to health care with $1.5 billion?” What are we doing here? We’re giving away $1.5 billion out of fear,” said Rep. Beau Mitchell, D-Nashville.
“If we pass this bill, and if you vote yes on this bill, I don’t want to hear the word fiscal conservative come out of your mouth. $1.7 billion in benefits. There is no fiscal conservatism or fiscal responsibility.” Ray Clemons, D-Nashville.
Republican leaders in both the House and Senate have been obsessing over the details for months. Initially, the House only wanted companies to refund taxes from just one year ago, and also wanted some transparency about which companies requested refunds. The Senate balked at that idea and asked for a three-year return. There are no other regulations.
In the end, after closed-door negotiations and two council committees, the two chambers came up with a compromise. Businesses can claim F&E tax refunds for up to three years. A public list detailing which businesses have applied for and received refunds will be posted online for 30 days, but does not provide exact amounts.
Instead, you’ll see ranges from $0 to $750, $751 to $10,000, and $10,000+.
“A vote for this is a vote for cutting nearly $2 billion in taxes and giving it directly back to small businesses,” said Rep. William Lamberth, R-Portland, the House Minority Leader. said. “I want their money back in their pockets so they can give raises to their employees, give them bonuses, buy new equipment. “And some companies would certainly appreciate the ability to do that.” ”
The F&E tax rebate proposal has passed both chambers and will now go to the governor’s desk for approval. He is expected to sign it.
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