Tennessee Senate passes $2B business tax cut in bid to dodge lawsuit

The Tennessee Senate on Thursday approved a nearly $2 billion tax and refund for businesses, a proposal designed to prevent threats of a potential lawsuit even as critics warned the so-called solution was rushed without being properly vetted and shrouded in mystery. Starting last fall, Republican legislative leaders say a law firm representing a large group of businesses contacted the state to question the legality of Tennessee's 90-year-old franchise tax and demanded a refund.

This bill will put this issue behind us and address it in a responsible way,' said Republican Sen. Ken Yager, adding that doing so could make the state more competitive in attracting businesses to move to Tennessee. At issue are concerns that the state's franchise tax violates the U.S. Constitution's Commerce Clause provision, which bans states from passing laws that burden interstate commerce. Furthermore, in 2015, the U.S.

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Tennessee Senate advances nearly $2 billion business tax cut, refund to prevent lawsuitThe Tennessee Senate has approved a nearly $2 billion tax and refund for businesses, a proposal designed to prevent threats of a potential lawsuit. However, critics warn the so-called solution was rushed without being properly vetted and shrouded in mystery.
Source: AP - 🏆 728. / 51 Read more »