TN General Assembly Approves Tax Cuts

THE TENNESSEE GENERAL ASSEMBLY HAS APPROVED MORE THAN $400 MILLION DOLLARS IN TAX CUTS FOR TENNESSEE FAMILIES AND BUSINESSES THROUGH THE TENNESSEE WORKS TAX ACT, MARKING ONE OF THE LARGEST TAX CUTS IN TENNESSEE HISTORY AND SUPPORTING FUTURE ECONOMIC GROWTH. THE LEGISLATION INCLUDES A THREE-MONTH GROCERY TAX HOLIDAY AND AN OPTIONAL PAID FAMILY LEAVE TAX CREDIT FOR COMPANIES TO SUPPORT TENNESSEE FAMILIES. IT ALSO PROVIDES TAX RELIEF FOR TENNESSEE BUSINESSES AND INCREASES THE STATE’S ECONOMIC COMPETITIVENESS THROUGH SEVERAL CHANGES TO TENNESSEE’S TAX LAWS. FROM AUGUST THROUGH OCTOBER 2023, TENNESSEANS WILL NOT PAY TAX ON FOOD AND FOOD INGREDIENTS SOLD IN GROCERY STORES.

NEWS