Tennessee Senate approves $2 billion tax and refund for businesses

SOURCE www.foxnews.com
Tennessee Senate approves nearly $2 billion tax and refund for businesses to address legality concerns around the state's franchise tax, despite criticisms of rushed decision-making and lack of transparency.

Key Points

  • Republican legislative leaders responded to a law firm's concerns about Tennessee's franchise tax
  • Proposed refund and tax breaks total $1.95 billion
  • Concerns raised about potential benefit to Gov. Bill Lee's personal business
  • Legislation passed 25-6 with only Democrats voting against

Pros

  • Addresses concerns around the state's franchise tax legality
  • May make the state more competitive in attracting businesses

Cons

  • Decision-making process criticized as rushed
  • Lack of transparency in disclosing specific businesses involved