HB1485 - Tennessee - Taxes, Excise, Taxes, Exemption And Credits, Taxes, Franchise

Taxes, Exemption and Credits - Removes tax credits for companies that reduce insurance and retirement benefits for existing employees and retirees of such companies. - Amends TCA Title 67, Chapter 4, Part 21. Fiscal Summary for *HB1485Other Fiscal Impact - The fiscal impact of this bill is dependent upon two unknown variables: (1) the extent of tax credits allowed and (2) the number of businesses that would reduce company-provided benefits to their employees. Therefore, estimating the fiscal impact for this bill is difficult to quantify due to the unknown extent of the two variables. However, if one company decreases company-provided benefits, that is also eligible for some type of tax credit, the fiscal impact is estimated to be a significant increase to state revenues, but by an unknown amount. Bill Summary for *HB1485 This bill prohibits a job tax credit, franchise or excise tax credit, or any other tax credit from being granted to any [...]

show full description