A bill in Tennessee that could result in property tax refunds for thousands of Tennessee businesses is moving through the Senate.
Senate lawmakers discussed the Property Tax Refunds bill in Tennessee at length Tuesday
Senate lawmakers are considering would amendment of the state property tax on businesses because court rulings propose the tax is unconstitutional. Right now, every business in the state pays a franchise tax on its operations. This law was made in 1937.
The Tennessee governor wants to get rid of it because he’s afraid some businesses will sue as they have in other states and Tennessee will be the great damages.
According to Senate Majority Leader Jack Johnson, it would also need the department to establish a fund from which Property Tax Refunds could be made to any taxpayer who overpaid based on the property tax measure.
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Tennessee can afford the property tax refunds. In a few years, who knows?
It’s fundamentally a tax cut or property tax refund there for the asking. In case you were wondering, Tennessee has never done anything like this before.
The stakes are high as the property portion of this tax makes about $400 million a year for the state. Property tax refunds could be possible.