US Edition
Tennessee Gave Out $1.5B in Tax Refunds to Corporations: Here's Who Benefitted
- In 2024, Tennessee enacted a reduction in the corporate franchise tax, resulting in $1.5 billion in refunds distributed to more than 58,000 businesses across the state.
- Republican lawmakers changed the business tax system to refund companies for overpayments made in prior years, aiming to attract and retain businesses.
- The Department of Revenue released a list showing 15,868 businesses received more than $10,000, while 9,240 received $750 or less, with corporate tax collections falling 13.2% in April.
- Democratic leaders criticized the tax cut as a "billion dollar refund scheme" that worsens the largest budget deficit, with schools, roads, and healthcare still underfunded despite the budget doubling since 2011.
- The Department of Revenue posted the refund list online through June 30, including Governor Bill Lee's HVAC company, to ensure transparency around the corporate tax break recipients.
18 Articles
18 Articles
Conflicted Tennessee Senate overwhelmingly passed business tax refund
Thirteen of Tennessee’s 33 senators declared a conflict of interest before voting on a $1.9 billion business tax break in 2024, including one whose companies reaped the benefits of the cut and a prior state grant. Two years before winning…
World’s Top Businesses, Lee Company Receive Biggest Tennessee Tax Rebates
60,000 companies net three-year refunds estimated at $1.5 billion. Image: The Lee Company, owned by Gov. Bill Lee’s family. received Tennessee’s biggest business tax rebate. Lee’s office has consistently said his company interest is in a blind trust. Image Credit: John Partipilo/Tennessee Lookout & Gov. Bill Lee / Facebook By Sam Stockard [The Tennessee Lookout -CC BY-NC-ND 4.0] – Some of the world’s largest companies and the governor’s family b…
News-Herald
Manchester TImesTransparency of Tennessee business tax refund law in question
Tennessee’s newly-released listing of companies netting a business tax refund creates the appearance of transparency without providing the public a true picture, according to an open government advocate. Deborah Fisher, executive director of Tennessee Coalition for Open Government, said Tuesday…
World’s top businesses, Lee Company receive biggest Tennessee tax rebates
The Lee Company, owned by Gov. Bill Lee's family. received Tennessee's biggest business tax rebate. Lee's office has consistently said his company interest is in a blind trust. (Photo: John Partipilo/Tennessee Lookout) Some of the world’s largest companies and the governor’s family business received Tennessee’s biggest new business tax rebate, according to a listing released by the Department of Revenue. Lee Company, a mechanical engineering and…
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