Governor Bill Lee’s office has introduced a new bill to refund businesses that have paid a franchise tax in Tennessee over the past three years, with the potential for savings of over a billion dollars. The bill will also cut the tax moving forward by about $400 million each year. While the Senate has already passed the bill, Senate Democrats have expressed concerns about the fiscal responsibility of the decision. Senate Republicans argue that paying upfront will protect the state from future potential lawsuits. The bill still needs to go through the House committee process, where a different version with similar tax cuts may be proposed. Disagreements between the two chambers have also emerged on other issues such as education vouchers, LGBTQ+ bills, and Tennessee State University. Senate leaders have expressed frustration with the lack of communication from the House on the franchise tax bill. Governor Bill Lee has defended the bill as the right solution for the state’s fiscal challenges and a reasonable remedy moving forward.
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Franchise Tax Cut Causes Division Between TN House and Senate
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