NFIB State Director Jim Brown released the following statement today following the passage of SB 2103, legislation that will provide targeted financial relief to many small businesses by changing how the state franchise tax is calculated:

“NFIB appreciates the tremendous work by Governor Lee and the General Assembly to pass major franchise tax reform at the end of session. Passage of Senate Bill 2103 will help many Tennessee-based small businesses who’ve been using the constitutionally suspect ‘property measure’ when calculating their F&E taxes.

“More than 80% of the 100,000 eligible businesses are based in Tennessee, and 98% will qualify for refunds of $50,000 or less. Not only will these small- to mid-sized taxpayers see a $400 million tax cut going forward but they also will be able to apply for refunds for overcollections of these payments, which they’ll be reinvesting in their employees and businesses during this uncertain economic period.”

Click here to learn more about the agreement’s impact on small businesses.