Legislation will provide $400 million in tax relief to Tennesseans
NASHVILLE – Americans for Prosperity – Tennessee (AFP-TN) praised the State House of Representatives for passing HB 323, the Tennessee Works Tax Act. The legislation would provide $400 million in tax relief for Tennesseans and permanent tax cuts for thousands of small businesses. The companion bill, SB 275, will be heard in Senate Finance, Ways, and Means Committee tomorrow.
AFP-TN State Director Tori Venable released the following statement:
“We applaud Governor Lee and lawmakers for working together to provide relief by cutting taxes for Tennessee families and businesses. This is the largest permanent tax cut we’ve seen in a decade.
“This bill sends a clear message – If you are investing in our state, investing in Tennesseans, we’re going to reduce your tax burden and encourage growth by cutting taxes for businesses across our state.”
Background Details for HB 323 / SB 275
→ Pro-Growth
→ Pro-Small Business and Entrepreneurship
Offering small businesses excise tax relief by protecting the first $50,000 in net earnings.
Establishing a new Franchise Tax exemption of up to $500,000 in property from the minimum measure of the tax.
Reducing Tennessee’s top business tax rate and raising the filing threshold for the Business Gross Receipts Tax.
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