Tennessee Small Business Victories


  • 2104 Tennessee Small Business Victories
    Here's a look at some of NFIB/Tennessee's victories in the 2014 General Assembly:

    Tennessee 22nd state to pass balanced budget amendment resolution
    NFIB was the only business group advocating for a resolution that authorizes Tennessee’s participation in a limited convention of the states for the sole purpose of proposing a federal balanced budget amendment. Tennessee became the 22nd state to pass a resolution; 34 states must agree to call the convention and propose an amendment, and then 38 states must vote to ratify. 

    Employment law reform adopted
    NFIB spearheaded reforms of costly, cumbersome employment law that made it harder to settle workplace discrimination and retaliation cases. Under the new law, state compensatory damages are capped and such limits are limited to one venue, either state or federal.

    Taxpayer rights strengthened
    Tennessee adopted NFIB-supported legislation that ensures greater transparency, fairness and consistency during state tax hearings. 

    Landmark workers’ comp reforms passed
    NFIB helped pass bipartisan legislation that completely overhauls our broken workers' compensation system. Effective July 1, 2014, cases must be settled in a new administrative system that eliminates the use of lawsuits as a bargaining tool and sharpens participants' focus to settle a claim promptly. Average premiums already have dropped nearly 14%, with more savings expected.

    Unemployment reform welcomed
    Tennessee employers are paying significantly lower unemployment premiums as a result of comprehensive NFIB-supported reforms in 2012 and 2013. Outcomes for businesses in contested cases have improved because of a stronger misconduct definition, and taxes are lower as our trust fund has rebounded.

    Death tax phase-out continues
    The phasing out of Tennessee's harmful death tax continues, with a taxable estate exemption threshold of $2 million in 2014 and $5 million in 2015. In 2016, the tax will be fully repealed, a savings of up to 9.5% on the estates of many family-run businesses and farms. 

    Tort reform 
    NFIB helped pass comprehensive tort reform in 2011 that included caps on punitive and non-economic damages, as well as codification of an awards' fault standard fair to small business in 2013.

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