![]() ![]() ![]() Lawmakers in Wisconsin, Mississippi, West Virginia, and other states are also now seeking to follow Tennessee’s lead with proposals to phase out their income taxes. New Hampshire subsequently followed Tennessee’s lead, with Governor Chris Sununu (R) signing legislation in 2021 that will phase out the Granite State’s investment income tax, making New Hampshire the nation’s ninth true no-income-tax state. Tennessee lawmakers, for example, took action to become a true no-income-tax state by passing legislation in 2016 that phased out the state’s investment income tax, referred as the Hall Tax, by 2021. Restoration of full R&D expensing at the state level would likely serve as another example where other states end up following Tennessee’s lead on tax policy. Not only would enactment of HB 2144/SB 2397 provide an objective financial incentive to invest and do business in Tennessee, particularly for companies in the most innovative sectors, it would also send a strong message that Tennessee is a state that promotes free enterprise and commerce by making state government less intrusive and less burdensome. As it now stands, enacting HB 2144/SB 2397 would make Tennessee the first state to restore full R&D expensing when filing state businesses taxes. ![]()
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