Corporate tax cut takes toll on state revenue
State lawmakers chose to reinstate a year-long sales tax on groceries while offering corporations a significant tax cut.
That decision now means foregone revenue – as much as $500 million this year, if current trends continue.
With the first two months of Tennessee’s 2024-25 fiscal year complete, state officials are reporting an $81 million decline in corporate tax revenue.
The decline comes even as lawmakers and Gov. Bill Lee continue to push for an expensive universal school voucher program.
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