Bridgestone Suing Tennessee over Tax Credits

In an effort to collect on tax credits it says it is owed, Bridgestone Americas, one of the world’s largest tire companies whose American headquarters is located in Nashville, is suing the state of Tennessee. 

“Bridgestone has filed a complaint in Tennessee Chancery Court regarding corporate tax credits accrued in 2017 and 2018,” Bridgestone Americas Communications Director Sara Cooper confirmed to The Tennessee Star. “The complaint was filed as a procedural protection of the company’s interest while the Tennessee Department of Revenue completes its review of these credits. Bridgestone cannot comment further on on-going legal matters.”

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Robin Hood in Reverse: Democrats Plan $12,500 Tax Credits for Pricey Electric Car Purchases

House Republicans are arguing against a Democratic proposal to increase the $7,500 taxpayer-funded credit for electric car purchases to as much as $12,500, arguing that it would disproportionately help wealthy Americans who can afford to buy pricey electric vehicles.

Democrats on the House Ways and Means Committee have proposed increasing the credit as part of their party’s filibuster-proof $3.5 trillion budget reconciliation bill, which includes new social programs and billions for electric vehicle infrastructure.

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Study: Tax Credits Most Effective Tool to Lift Ohioans from Poverty

Tax credits pulled a quarter million Ohioans out of poverty over the course of a year in 2018, according to a Columbus-based policy analysis group’s study.

Scioto Analysis called its study, which was released Tuesday and based on 2018 American Community Survey data, the most accurate picture of poverty in Ohio to date.

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Arizona’s U.S. Senator Mark Kelly Proposes Legislation to Fund Local Mainstream Media

Sen. Mark Kelly (D-AZ) joined U.S. Sens. Maria Cantwell (D-WA) and Ron Wyden (D-OR) to co-sponsor legislation that indirectly funds local media. The Local Journalism Sustainability Act establishes tax credits that give consumers a huge deduction on media subscriptions, subsidizes journalists’ salaries, and funds news outlets by paying for businesses to advertise.

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Amazon Calls for Higher Taxes on All Corporations Except Itself

Amazon logo on Samsung smartphone screen

While the tech giant Amazon has publicly endorsed proposals to raise the corporate tax rate in the United States, the company has been secretly lobbying to keep its own tax rates low, Politico reports.

Last year, during the 2020 presidential election, Amazon CEO Jeff Bezos openly supported then-candidate Joe Biden’s proposals to raise taxes on American corporations. Those proposals have re-emerged in recent weeks as a possible means of funding a possible infrastructure bill, and Biden has been advocating for other countries around the world to adopt higher corporate tax rates as well.

But recently, Amazon has been stepping up its lobbying efforts to try to convince Congress and the White House to allow the company to keep using certain tax breaks in order to keep its own rates low. The retail giant hired a tax lobbyist named Joshua Odintz, who formerly worked as a Democratic aide on Capitol Hill and then as an official in the Obama Administration. In addition to Amazon’s own efforts, similar lobbying has been undertaken by a group known as the “R&D Coalition,” which consists of several companies and organizations including Amazon, Intel, and the National Association of Manufacturers.

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Georgia House Votes to Strip Delta of $35 Million in Tax Incentives

delta

After the CEO of Georgia-based Delta Airlines caved to pressure from left wing activist groups and criticized a bill signed into law requiring voter identification for absentee ballots, Georgia’s House Republicans responded by voting to strip Delta of a major tax credit. 

Delta has long-enjoyed a $35 million tax credit on jet fuel in the Peach State, but Thursday night, that tax credit was jeopardized, as House Republicans voted along party lines to end it, according to The Atlanta Journal-Constitution. 

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GM’s Mass Layoff Includes Eliminating a Hybrid Car Obama Once Championed

by Chris White   General Motor’s decision to restructure and layoff thousands of employees Monday includes eliminating a hybrid vehicle former President Barack Obama once called the car of the future for the Detroit company. GM said Monday that it will cut roughly 14,000 people in North America and will idle factories…

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Pure Foods Goes Bankrupt After Benefiting From $1.2 Million in Tennessee State Economic Development Funds

Less than two weeks before Governor Haslam introduced his IMPROVE Act centered on a gas tax increase for road funding, Pure Foods, Inc., a recipient of $1.2 million in state economic development funds, filed for bankruptcy.   The $1. 2 million from the state’s FastTrack Economic Development (ED) Fund did…

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