US EditionTennessee Gave Out $1.5B in Tax Refunds to Corporations: Here's Who Benefitted
- In 2024, Tennessee’s legislature approved a reduction in the corporate franchise tax, resulting in $1.5 billion in tax refunds distributed to more than 58,000 businesses statewide.
- Lawmakers enacted the cut because companies had overpaid franchise taxes in prior years, prompting refunds despite concerns about the state's budget deficit.
- The refunds ranged from under $750 to over $10,000, with 15,868 businesses receiving more than $10,000, including Governor Bill Lee's HVAC company listed among recipients.
- Corporate tax collections dropped 13.2% in April 2024, $153.2 million below estimates, partly due to these tax policy changes reducing tax liabilities, as explained by department officials.
- The tax cut sparked debate, with Democrats calling it a "billion dollar refund scheme" that worsens funding for schools, roads, and healthcare, while Republicans argue it will retain businesses and improve competitiveness.
16 Articles
16 Articles
World’s Top Businesses, Lee Company Receive Biggest Tennessee Tax Rebates
60,000 companies net three-year refunds estimated at $1.5 billion. Image: The Lee Company, owned by Gov. Bill Lee’s family. received Tennessee’s biggest business tax rebate. Lee’s office has consistently said his company interest is in a blind trust. Image Credit: John Partipilo/Tennessee Lookout & Gov. Bill Lee / Facebook By Sam Stockard [The Tennessee Lookout -CC BY-NC-ND 4.0] – Some of the world’s largest companies and the governor’s family b…
News-Herald
Manchester TImesTransparency of Tennessee business tax refund law in question
Tennessee’s newly-released listing of companies netting a business tax refund creates the appearance of transparency without providing the public a true picture, according to an open government advocate. Deborah Fisher, executive director of Tennessee Coalition for Open Government, said Tuesday…
World’s top businesses, Lee Company receive biggest Tennessee tax rebates
The Lee Company, owned by Gov. Bill Lee's family. received Tennessee's biggest business tax rebate. Lee's office has consistently said his company interest is in a blind trust. (Photo: John Partipilo/Tennessee Lookout) Some of the world’s largest companies and the governor’s family business received Tennessee’s biggest new business tax rebate, according to a listing released by the Department of Revenue. Lee Company, a mechanical engineering and…
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