The Act includes a $273 million three–month grocery tax holiday meant to provide direct relief to Tennessee families and more than $150 million in annual small business tax relief.
Governor Bill Lee signed the Tennessee Works Tax Act, the largest tax cut in the state’s history
The Act also simplifies tax administration, encourages businesses to invest in the state, and aligns the state with other states adopting “single sales factor“ apportionment for franchise and excise tax. Senate Majority Leader Jack Johnson and House Majority Leader William Lamberth applaud this move as a step toward lowering taxes for businesses and families in Tennessee.
Tennessee is working to solidify its standing as a pro–business, pro–family state with this Tax Cut, one of the largest in state history
The Governor, the legislature, and the Department of Revenue have all joined forces to make sure this measure passes, in order to support Tennessee’s growth and economy. “In Tennessee, we are committed to low taxes. We believe that Tennessee businesses and citizens are in the best position to decide how to spend their own money, and these tax cuts demonstrate that we practice what we preach,” said Senate Majority Leader Jack Johnson.
This tax cut will put more money in the pockets of hard–working Tennesseans and businesses to invest, spend, and save, and to help support the state’s growth and economy.
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