Governor Lee’s Franchise Reform Passes Senate

March 22, 2024 Last Edit: July 22, 2024

The House is expected to begin debating the proposal next week — take action now!

Updated: March 22, 2024

The House is expected to begin debating the proposal next Wednesday — take action now!

Yesterday, Tennessee’s Senate passed Gov. Bill Lee’s franchise reform proposal (SB 2103/HB 1893) by a 25-6 vote. The House of Representatives is expected to begin debating the proposal on Wednesday in the House Finance Subcommittee. It is very important to contact your senators and representatives now if your business has been using the franchise calculation for the F&E (franchise and excise) tax.

NFIB has a handy one-pager that helps explain this proposal for tax relief and greater tax certainty. In addition, NFIB tax experts have been working with the administration and legislature to ensure the legislation is small-business friendly and can be implemented with few to no problems. At stake is $1.5 billion in tax refunds and $400 million in annual savings for qualifying businesses.

That’s why it’s critical to act now! Please access our Action Alert email to use as soon as possible.

Topics:

Taxes

State:

Tennessee

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