$400 Million Tax Cut Bill Includes Grocery Tax Holiday, Tax Cuts for Small Businesses

According to the Tennessee Department of Revenue (TDOR), the state will soon begin implementing a $400 million tax cut law recently passed by the Tennessee General Assembly.

“Decades of smart fiscal stewardship have enabled Tennessee to maintain a balanced budget while cutting taxes for Tennessee families and businesses,” said Governor Bill Lee in a TDOR release. “We are proud to continue that legacy this year by putting dollars back in the pockets of Tennesseans and supporting future economic growth across Tennessee, and I thank the General Assembly for its partnership to promote future growth and opportunity for our state.”

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Tennessee House Passes Bill to Cancel Excise Tax for Certain COVID-19 Relief Payments to Businesses

The Tennessee House passed a bill cancelling the excise tax on certain COVID-19 payments given to businesses. The legislation would cover all payments from March 1 to December 31 of last year. 

If passed, the bill would apply to payments from the Tennessee Business Relief Program, the Tennessee Supplemental Employer Recovery Grant Program, the Coronavirus Agricultural and Forestry Business Fund, the Hospital Staffing Assistance Program, the Emergency Medical Services Ambulance Assistance Program, the Tennessee Small and Rural Hospital Readiness Grants Program, or the federal Child Care and Development Block Grant.

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