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Franchise Tax Reform: Both House and Senate versions of HB1893/SB2103 would remove the alternative real and tangible property measure moving forward, resulting in $400 million of tax savings for businesses.
Tennessee Chamber members have expressed concerns with two provisions in the House amendment. First, it would require the Department of Revenue to publish the names and refund amounts of any business receiving a refund on their website. This is concerning as it would upset a long-held precedent of taxpayer anonymity and serves no policy goal. Businesses should not have to expose confidential tax information to claim a refund on taxes that the state is admitting were collected unconstitutionally. Second, the amendment changes the period for requesting a franchise refund from three years to one year for all franchise refunds moving forward. This is out of step with the rest of the country, as Tennessee would be the only state with a one-year refund-claim period. Most states have either three- or four-year claim periods and the IRS allows for claims to be filed up to three years after the tax due date.
The House will consider its version of the legislation on Monday, after which differences will need to be ironed out in a conference committee with the Senate.
Bill Moves to let Teachers to Carry Firearms in Schools: The Senate Judiciary Committee passed legislation that would allow school faculty or staff members with an Enhanced Carry Permit to carry a concealed handgun on school grounds under certain circumstances.
In addition to a valid carry permit, the educator or employee would have to be fingerprinted, pass a psychological evaluation, undergo 40 hours of basic training in school policing, and receive written authorization from local law enforcement, the school's principal, and the school district.
Information provided by the Tennessee Chamber of Commerce.
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