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Amended Franchise Tax Reform Bill:
The legislation, SB2103/HB1893 would result in hundreds of millions of dollars in annual tax savings for businesses in Tennessee. It would also include refunds for those that used the alternative minimum measure in the past three years that could total as much as $1.5 billion. Carl Hartley, Chair of the Tennessee Chamber’s Tax Committee, recently published a new piece that lays out implications of the legislation. Carl’s analysis reflects the amended language. We urge you to read it to ensure you are prepared to take advantage of any refunds you are eligible for should the bill become law.
Other Bills of Interest:
The driver license test that required it to be administered in English without assistance for non-English speakers was defeated.
SB2678/HB2747 creates the Tennessee Artificial Intelligence Advisory Council which requires the council to submit an action plan to the governor to address how to position this state competitively to ensure its citizens capture the full economic benefit from artificial intelligence opportunities and to address how to responsibly leverage artificial intelligence to improve the efficiency of state and local government services.
SB1946/HB2057 replaces the six-year reappraisal cycle with the requirement for counties to choose between a reappraisal program that requires reappraisal to occur once per year, once every two years, once every three years, or once every four years.
SB2909/HB2306 as amended would establish a Tennessee Workers Compensation Self-Insured Guarantee Fund for employers that self-insure their WC liability. Employers currently are required to annually post collateral with the Tennessee Department of Commerce & Insurance which are used in the rare case of a bankruptcy ensuring employees receive WC benefits.
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