MEMPHIS, Tenn. — After weeks of debate and compromise, Tennessee lawmakers have approved a nearly $2 billion tax cut for the state’s businesses, but not without controversy.
The plan backed by Governor Bill Lee could send rebates to more than 100,000 businesses across the state.
The move will cost the state more than $1.5 billion upfront, and another $400 million each year moving forward. Businesses have three years to apply.
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The names of those that apply will be shared publicly. That list will also show whether they received more or less than $10,000.
“We have never, in the history of this state, exposed taxpayer information. Not their name, not their amount, and I am not in favor of starting this now,” said Madison County Rep. Chris Todd.
“We are doing an extraordinary tax cut here. And so for this one instance, for this one moment in time, we are allowing that information to be out,” said Portland Rep. William Lamberth.
Republicans say the tax cut will help Tennessee avoid a lawsuit from businesses. Because no case has been filed, some democrats say the state should have stood its ground and put up a fight.
