Tennessee Governor

Tennessee Governor Signs Historic $400 Million Tax Cut

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The Act includes a $273 million threemonth grocery tax holiday meant to provide direct relief to Tennessee families and more than $150 million in annual small business tax relief.

Tennessee Governor
Tennessee Governor ( Photo: TN.gov )

Governor Bill Lee signed the Tennessee Works Tax Act, the largest tax cut in the states history

The Act also simplifies tax administration, encourages businesses to invest in the state, and aligns the state with other states adoptingsingle 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 probusiness, profamily 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 Tennessees 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 hardworking Tennesseans and businesses to invest, spend, and save, and to help support the states growth and economy.

 

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