Connect with us

News from the South - Tennessee News Feed

More than 58,000 Tennessee business received franchise tax breaks | Tennessee

Published

on

www.thecentersquare.com – By Kim Jarrett | The Center Square – (The Center Square – ) 2025-06-02 07:49:00


Over 58,000 Tennessee businesses received corporate franchise tax breaks in 2024 following a tax cut passed by the General Assembly, initially projected to cost the state $1.6 billion. The Tennessee Department of Revenue revealed that 15,868 businesses got breaks over $10,000, while others received smaller amounts. April corporate tax collections fell 13.2% short of estimates, partly due to the tax changes and carryforward credits. The bill, sponsored by House Majority Leader William Lamberth and signed by Gov. Bill Lee, aims to improve business competitiveness. Critics, including Senate Democrat Heidi Campbell, warn it worsens budget deficits and underfunds key public services, impacting families.

(The Center Square) – More than 58,000 businesses received a new corporate franchise tax break, according to a list from the Tennessee Department of Revenue.

The information released Saturday by the department does not say how much of a break each business received. The department’s list also shows 15,868 received a tax break of more than $10,000; 33,376 businesses received between $751 to $10,000; and 9,240 businesses received $750 or less.

The General Assembly passed a corporate franchise tax cut in 2024 that was initially estimated to cost the state $1.6 billion. The list does not give a total amount for the tax breaks issued. 

April corporate tax collections were $153.2 million below estimates, a 13.2% drop, according to figures released by the department earlier this month, due in part to the cut.

“Corporate tax payments were notably lower this year due to tax policy changes that reduced taxpayers’ franchise tax liabilities,” said Gina L. Long, director of communications for the department, in an email to The Center Square. “Additionally, many corporate taxpayers are utilizing carryforward tax credits from prior years, and several large, nonrecurring payments were included in last year’s collections.”

House Majority Leader William Lamberth sponsored the bill signed by Gov. Bill Lee in May 2024. 

“It’s simply a policy debate on whether or not we should cut the franchise taxes going forward, making us more competitive to other states to be able to attract businesses and retain businesses,” Lamberth said when presenting it to the House.

Nashville Sen. Heidi Campbell, D-Nashville, and other Democrats called the tax break a “billion dollar refund scheme.”

“Now, we’re staring down the largest budget deficit of the year – a direct result of these reckless tax breaks. Corporate tax collections have cratered, and Tennessee families are still paying sky-high grocery taxes, while our schools, roads and healthcare remain among the worst-funded in the nation,” Campbell said. “This is the real cost of trickle-down economics: corporate handouts while working families get left behind.

House Democratic Caucus Chairman John Ray Clemmons, D-Nashville, said families will “pay the price” for Lee and Republicans’ “fiscal recklessness.”

“Our budget has doubled since Republicans took control in 2011, yet are roads are in worse shape, our public schools are still underfunded, access to health care and child care has decreased, and costs of living have only gone up,” Clemmons said.

The list will remain on the Department of Revenue’s website until June 30.

The post More than 58,000 Tennessee business received franchise tax breaks | Tennessee appeared first on www.thecentersquare.com



Note: The following A.I. based commentary is not part of the original article, reproduced above, but is offered in the hopes that it will promote greater media literacy and critical thinking, by making any potential bias more visible to the reader –Staff Editor.

Political Bias Rating: Centrist

The article presents a balanced report on Tennessee’s corporate franchise tax break by including factual details such as the number of businesses benefiting and the revenue impact. It fairly presents the positions of both supporters and opponents: Republicans who argue the tax cuts enhance competitiveness and Democrats who criticize the policy as fiscally irresponsible and harmful to public services. The tone remains neutral, focusing on reporting statements from both sides without endorsing either viewpoint. Overall, it reports on ideological stances without advancing a bias toward one side, maintaining objective and factual coverage.

News from the South - Tennessee News Feed

Ole Miss football player killed in Tennessee shooting, four others injured

Published

on

www.wkrn.com – David Royer – 2025-07-20 14:19:00

SUMMARY: Corey Adams, an 18-year-old freshman football player for the University of Mississippi, was fatally shot outside a home in Cordova, Tennessee, late on July 19. The shooting, involving five victims, occurred around 10 p.m. outside a party; Adams died at the scene, while four others were hospitalized with non-critical wounds. Witnesses described a chaotic scene with gunfire and multiple cars fleeing. Authorities continue investigating and seeking suspects. Adams was a top defensive lineman recruit expected to join Ole Miss’s football team. Ole Miss and Adams’ former high school team expressed deep sorrow over the tragic loss.

Read the full article

The post Ole Miss football player killed in Tennessee shooting, four others injured appeared first on www.wkrn.com

Continue Reading

News from the South - Tennessee News Feed

NTSB issues preliminary report on deadly Sumner County plane crash

Published

on

www.wkrn.com – Colleen Guerry – 2025-07-19 20:35:00

SUMMARY: A preliminary NTSB report reveals new details about the July 2 crash of an Ercoupe 415-C in Sumner County, Tennessee, which killed the pilot. The plane had experienced electrical issues and was hand-propped after fueling in Kentucky. The pilot diverted to Cleveland, Tennessee, instead of flying over mountains. Shortly after takeoff, he reported engine trouble and attempted an emergency landing. The crash site showed extensive damage, with partially closed fuel valves and about four gallons of fuel in each tank. The engine ran during post-crash testing with no mechanical anomalies. The pilot’s identity remains undisclosed, and the investigation is ongoing.

Read the full article

The post NTSB issues preliminary report on deadly Sumner County plane crash appeared first on www.wkrn.com

Continue Reading

News from the South - Tennessee News Feed

Court order: Tennessee prisoner’s heart implant must be deprogrammed before his execution

Published

on

wpln.org – Catherine Sweeney – 2025-07-19 08:07:00

SUMMARY: A Tennessee judge has ordered that Byron Black’s heart implant be deactivated before his execution by lethal injection. Black, convicted of a 1988 triple homicide, has a device that delivers electric shocks if his heart malfunctions. His lawyers argued it would cause unnecessary pain during execution. Chancellor Russell T. Perkins agreed, ruling that not disabling the device would violate constitutional protections against cruel and unusual punishment. The Department of Correction must have qualified personnel and equipment on hand to deactivate the implant. Despite appeals citing Black’s intellectual disability, his death sentence remains unchanged. Execution is not expected to be delayed.

Read the full article

The post Court order: Tennessee prisoner’s heart implant must be deprogrammed before his execution appeared first on wpln.org

Continue Reading

Trending