$1.2B Tennessee Lawmakers Debate Business Tax Refund and Repeal

$1.2B Tennessee Lawmakers Weighing the Return 

Historic Decision on Tax Refund Could Impact State Revenue by $1.5 Billion

According to The Center Square, $1.2B Tennessee lawmakers are considering a big decision about giving back $1.2 billion in taxes to businesses. It’s the first time they’re voting on such a refund which could cost the state up to $1.5 billion and mean $410 million less in taxes each year. This comes after a detailed review by the Senate Finance Ways and Means Subcommittee.

READ ALSO: Check out the average tax refund that the IRS is providing you for 2024

$1.2B Tennessee Lawmakers Debate Business Tax Refund and Repeal. (PHOTO: The Center Square)

Tennessee Senate Bill 2103 Proposes Overhaul of Business Taxation, Aimed at Legal Clarity and Economic Stimulus

Senate Bill 2103 in $1.2B Tennessee lawmakers proposes changes to business taxation particularly property tax aiming to avoid legal disputes and make the state more business-friendly. It allows refunds for certain businesses, shifting decision-making from courts to legislature. While some see it as positive like Sen. Jeff Yarbro, concerns persist about the unusual refunding process. Overall the bill signals a significant change in Tennessee’s tax landscape addressing business grievances.

READ ALSO: Illinois Engineers Propose Tax Credits and Student Loan Solutions to Boost Workforce

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