Tennessee Senate approves $1.95bn business tax cut/refund package to address franchise tax lawsuit concerns.
The Tennessee Senate has approved a $1.95bn business tax cut and refund package, aiming to prevent a potential lawsuit over the legality of the state's 90-year-old franchise tax. Critics argue the rushed legislation lacks transparency and proper vetting. The tax cut and refund plan totals $1.56bn in refunds and $393m in ongoing tax breaks, and still needs to clear the House chamber.
March 21, 2024
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