What's New On The Hill - February 2, 2024
Tennessee Governor Bill Lee has appointed Mary L. Wagner to the Tennessee Supreme Court, a significant achievement as she joins the ranks of esteemed judges. Wagner's extensive experience as a circuit court judge and her background in law, including teaching at The University of Memphis School of Law, uniquely position her for this role. Notably, her appointment contributes to the commendable fact that 60% of the TN Supreme Court will now be composed of women! This appointment fills a vacancy created by the retirement of Justice Roger A. Page and awaits confirmation by the General Assembly. Read more >>>
1. Concerning Gun Bill Removed from Consideration:
Legislation (SB1037/HB746) aimed at altering regulations regarding firearms possession has been removed from consideration. The bill sought to remove the authority of businesses to prohibit weapons on their premises and eliminate related criminal offenses. Following concerns raised by the Chamber and the business community, the sponsor decided to withdraw the bill from consideration during this legislative session. Read more about SB 1037/HB 746.
2. Two Major Business Tax Hikes Introduced:
Freshman Representative Aftyn Behn and Senator Charlane Oliver have introduced two bills that could significantly impact businesses.
The first bill (HB 2234/SB 2065) proposes a new tax on digital advertising services to fund a universal pre-K program. This tax, if enacted, would impose a 9.5% levy on annual gross revenues derived from data transactions from digital advertising services in the state. Concerns have been raised regarding the potential burden this tax could place on businesses and its potential impact on job losses. Read more about HB 2234/SB 2065.
The second bill (HB 2043/SB 1934) introduces a new Business Enterprise Tax. This tax, if passed, would impose a tax rate of 0.75% on a business' taxable enterprise tax base and would subject the entire worldwide net earnings of a business to apportionment for tax purposes. Like the first bill, concerns have been voiced regarding the potential adverse effects on businesses and employment. Read more about HB 2043/SB 1934.
3. Workers' Compensation Administration Bill:
SB 2094/HB 1694, initiated by the Bureau of Workers' Compensation, introduces various changes to workers' compensation statutes. The bill standardizes electronic filing procedures, clarifies uninsured employer penalties, and seeks to extend the enforcement of worker's compensation insurance coverage laws. The Chamber has expressed support for this legislation, which is currently progressing through committees. Read more about SB 2094/HB 1694.
The Transportation Network Growth Opportunity (TNGO) initiative, in collaboration with TNECD, Launch Tennessee, and Team Tennessee, aims to stimulate research and innovation in the transportation sector. The TNGO Mobility and Automotive Discovery seeks to address mobility and transportation challenges by connecting communities, companies, and researchers across the state. Applications for phase one are open until February 2, 2024. Learn more here.
Audited Financial Statements for the State of Tennessee
The State of Tennessee provides audited financial statements as a matter of convenience. These statements reflect the financial condition as of June 30th for the corresponding fiscal year. It's important to note that there may have been changes in the state's financial affairs since the last audit. Currently, the state only publishes financial statements in Adobe Portable Document Format (PDF), necessitating Adobe Acrobat Reader software for viewing. Access the audited financial statements here.
IN THE NEWS
Tennessee Workers’ Comp Rates Will Decline for Eleventh Consecutive Year in 2024
The Tennessee Department of Commerce and Insurance (TDCI) announces that workers’ compensation insurance premiums will decline for most Tennessee businesses in 2024 for the 11th consecutive year.
TN.GOV - Jan. 22, 2024
Tennessee Announces Awards for Statewide Electric Vehicle Charging Stations
The Tennessee Department of Transportation (TDOT) in cooperation with the Tennessee Department of Environment and Conservation (TDEC) has awarded $21 million in federal funds for electric vehicle (EV) fast-charging stations across the state. Thirty-one EV fast charging locations are needed to fill gaps along the state’s designated Alternative Fuel Corridors (AFC) which include Tennessee’s two-digit interstate routes and US 64. The Tennessee Electric Vehicle Infrastructure (TEVI) Deployment Plan details how with federal funding the state will install EV charging infrastructure and support the establishment of an interconnected EV network across the nation.
TN.GOV - Jan. 31, 2024
Secretary of State Tre Hargett Issues New Warning to Tennesseans About Uniform Commercial Code Scam
Tennessee Secretary of State Tre Hargett is issuing a new warning to all Tennesseans about a scam involving Uniform Commercial Code (UCC) documents.
SOS.TN.GOV - Jan. 29, 2024
Governor Lee, Commissioner McWhorter Announce Snap-on to Expand Manufacturing Operations in Carter County
Tennessee Gov. Bill Lee, Department of Economic and Community Development Commissioner Stuart C. McWhorter and Snap-on officials announced today the company will invest $44 million to expand its manufacturing operations in Elizabethton, Tennessee.
TN.GOV - Jan. 30 2023
December Unemployment Rates Down in Nearly Every County
Nearly every county in Tennessee ended 2023 with lower unemployment, according to new data from the Department of Labor and Workforce Development (TDLWD). Ninety-two of the state’s 95 counties posted rates in December that came in lower than their November statistics.
TN.GOV - Jan. 25, 2024
More Than Half Of Republicans Oppose School Vouchers In Public School Teachers’ Poll
More than half of likely Republican primary voters say they somewhat or strongly oppose Gov. Bill Lee’s school voucher program, according to a poll conducted for the Tennessee Education Association.
PRO.STATEAFFAIRS.COM - Jan. 30, 2024
Tax Expert: Tennessee Is Caving To Businesses On Tax Cut And $1b+ Refunds, Offers Another Option
As Tennessee faces a tighter budget in 2024, Gov. Bill Lee’s administration plans to move forward with a significant tax cut and refund for businesses, selling it as a “necessary legislative fix” to avoid a legal challenge.
TENNESSEELOOKOUT.COM - Jan. 29, 2024
Republicans Reviving Bill Allowing Teachers To Carry Guns In Schools
Lawmakers are reviving a bill to allow teachers and school staff to carry guns in schools. The Senate was scheduled to take the bill up in committee last year but postponed after the Covenant School shooting.
WKRN.COM - Feb. 1, 2023