There remains a wide gap between the legislative chambers regarding legislation.
5:57pm today
The Tennessee House of Representatives has distanced itself from the Senate by passing a franchise tax cut that provides one-year rebates totaling $700 million and requiring companies seeking the money to clearly state it on the state's website.
Members of the House Finance Committee approved the bill by voice vote Tuesday, sending House Bill 1893 to the floor for consideration.
Democratic Rep. Sam McKenzie of Knoxville said companies should be ashamed of threatening to sue over the property value portion of the franchise tax in what he calls a “tax avoidance” state. Nevertheless, the move was made.
“It's wrong for us to be sitting in this position,” McKenzie said.
(Read more: Tennessee lawmakers disagree on how and why to give big tax aid to businesses for fear of lawsuits)
Member of Parliament
