Tue
Feb 13 2024
06:35 am
Tennessee isn’t planning on bringing back its food tax holiday from the last few years.
“Two years ago, we had really good growth in our revenue. We had two months, I believe, of sales tax holiday on groceries,” Dept. of Finance & Administration Commissioner Jim Bryson said. “Last year, we had even more revenue, I think we did three months of sales tax relief on groceries. This year, our revenue is flat.”
...
But this year, Gov. Bill Lee (R-Tennessee) is looking to substantially or entirely cut the franchise tax and refund businesses who’ve paid it in the last three years...
Ah, yes. The Governor is a business man.
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To be fair
The Franchise tax is not a fair tax, & it probably is bad for encouraging business in TN. It's not a tax on income, it's a tax on what you own. And if you don't own anything, it will tax you on the rent you pay - even if your business tanks.
ETA of course grocery tax is far worse and hits people who can't just go to a different state. Really, it doesn't have to be an either/or.
Agreed. When we moved here
(in reply to jah)
Agreed.
When we moved here from Florida our Florida accountant was very surprised with this tax being that Florida is a very low tax state. He kept saying we needed to move back.
Apparently with Tennessee it does have to be an either/or being that Tennessee is not a very rich state and they keep looking to give up federal funding.
Franchise Tax tax
What exactly is the situation here? Was there a Supreme Court ruling?