$1.2 Billion Tennessee Tax Refund Is Being Considered To Revoke The Property Portion Of The Franchise Tax In The State

Tennessee tax refund is currently being discussed by the Tennessee Legislature.

If the Tennessee tax refund is implemented, many businesses in the area will gain privileges. (Photo: Providence Financial)

Discussions About The Tennessee Tax Refund

The Tennessee Legislature is considering a $1.2 billion Tennessee tax refund for businesses. The Tennessee tax refund will reportedly cost the state up to $1.5 billion.

The Tennessee tax refund would repeal the property portion of the franchise tax. The Tennessee tax refund would also allow businesses to apply for a refund from 2020-2023.

Tennessee is the only state that taxes business property, and this Tennessee tax refund aims to avoid potential litigation. The current tax discourages businesses from holding property in Tennessee, and the proposed bill regarding the Tennessee tax refund would change tax policy by removing the property measure.

According to a published article by SmartNews, some lawmakers are concerned about the precedent of the Tennessee tax refund and the refunding franchise taxes, but overall there is support for cutting the risk for businesses through the Tennessee tax refund.

School Voucher Initiative In Tennessee

In a published article by localmemphis.com, the school voucher initiative in Tennessee is progressing toward implementation, causing concern among education stakeholders in Shelby County.

The program would allow lower-income students to use taxpayer funds to attend private schools, with the eventual goal of opening it up to all K-12 families. Critics like Keith Williams fear this initiative will destabilize the public system and question the fairness of using taxpayer money for private education.

Tennessee State Rep. Antonio Parkinson warns that parents may not have as much choice as they think, as schools ultimately decide which students are accepted. Despite these concerns, Williams is confident in the sustainability of the public education system.

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