NASHVILLE, Tenn. (WTVF) — Democratic lawmakers will hold a press conference today to call on Governor Bill Lee to disclose his business tax returns and other business ventures.
The press conference will take place just a day before the governor's proposed $5.7 billion tax break and refund bill is considered for its first vote in the senate.
Lawmakers delivered a letter to Governor Lee's office requesting the financial information on March 7th. In the letter they ask Lee to release the last four annual Franchise and Excise Tax Returns filed by the Lee Company and the state returns of any other businesses the governor has a financial interest in. They say it's to show if he'll benefit from his new tax proposal.
They're also calling for new legislation and better use of tax collections to help families.
The first part of Lee’s tax break legislation would give certain companies an immediate $1.6 billion tax refund. The second part would enact a new tax break for those same businesses worth $4.1 billion over the next decade.
The governor says he’s bringing the bill to avoid legal challenges.
Democratic lawmakers say they believe Tennesseans should have transparency in whether the governor will financially benefit from what they say would be the largest tax handout in TN history.
“Gov. Lee is attempting to sneak through the legislature one of the largest corporate tax breaks in modern history by misrepresenting it as a legal necessity,” said House Democratic Caucus Chairman John Ray Clemmons. “The least he could do is be honest about whether he and his own company stand to financially benefit from the legislation.”
Senate Democratic Caucus Chairwoman Sen. London Lamar, who also signed the letter, said this corporate welfare will further delay investments needed for Tennessee’s families and weaken the public’s faith in government.
“Transparency is key if we want people to trust the decisions being made at the Capitol,” said Lamar. “The people I represent say we should be investing in working families and our economy — not tax breaks for big corporations.”
So far Governor Lee has not responded to the letter.
Sen. Jeff Yarbro and Rep. John Ray Clemmons will hold a press conference Monday and introduce a new senate bill. The bill would pre-empt any legal challenge, preserve corporate tax collections for future investments in families, and provide a dollar-for-dollar credit for any company that proves legitimate double-taxation.
The press conference will take place at Cordell Hull in the first-floor press room. It's scheduled for 11:30 a.m.
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