NASHVILLE, Tenn. (WTVF) — Businesses in Tennessee could get tax relief after Governor Bill Lee says he plans to propose changes to Tennessee's franchise tax at Tennessee’s Legislative Session next week.
Currently, there's a state franchise tax law in effect that was established in 1935. The law taxes businesses 0.25% of their net worth.
The governor didn't mention what exactly would be included in the legislation, but he says tax experts with the Attorney General's office have advised him to make changes to the law.
"We're in a situation that in our budget we have the resources to make a changed to our law and we have revenue that's about 40 percent higher than revenue before the pandemic we're in a very strong revenue position as a state,” said Governor Lee.
The Governor also said he has no plans this year to propose a rate cut to Tennessee's 4% grocery tax ― one of the highest such tax rates in the nation.
State democrats have called for a repeal of the grocery tax, to give a tax break to families while requiring corporations who do business in Tennessee to pay more in taxes.
The General Assembly reconvenes on Tuesday.
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- Lelan Statom
