Bill that would disclose more on tax credits passes Tennessee legislature
Bringing more transparency to the state's business subsidies, lawmakers this week passed a bill that would require an annual report on tax credits.
If Gov. Bill Haslam allows the measure to become law, the Department of Revenue would disclose to lawmakers how many companies received franchise and excise tax credits during the previous fiscal year, how much in subsidies they received, and how many people companies hired (if their tax credits depended on hiring). Reports would show the total amounts, not by individual companies.
A representative for Haslam indicated Thursday he didn't oppose the bill.
Business tax credits cost the state more than $140 million annually, in the hope of broad economic impacts. The forgone revenue, though, could be spent on education, roads, health care or other government functions that also impact the economy.