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Support for Franchise Tax Proposal:
The Tennessee Chamber of Commerce announced support for efforts to reform Tennessee’s franchise tax by removing the alternative minimum measure, which will provide tax relief to the business community and make the state more competitive. Governor Bill Lee proposed the franchise tax changes noting constitutional concerns and the need to fix the issue to avoid substantial legal risk for Tennessee. The proposal would result in hundreds of millions of dollars in annual tax savings for businesses across the state.
Other Bills of Interest:
Gun Laws-- SB2912/HB2032 removes the offense of possessing a weapon in a building that prohibits or restricts weapons. Allows a person with an enhanced handgun carry permit to carry a handgun into a business that prohibits or restricts weapons. Removes penalties for violations of certain firearms provisions.
Statutes of Limitations and Repose-- SB2017/HB2113 shortens the statute of limitations for claims for unpaid wages, for hours worked, overtime, minimum wage, salary, bonuses, commissions, or other compensation owed to an employee or independent contractor, including causes of action for breach of contract, unjust enrichment, or quantum merit to be brought within three years of accruing.
Commerce & Insurance-- SB2909/HB2306 as amended would establish a Tennessee Workers Compensation Self-Insured Guarantee Fund for employers that self-insure their WC liability. Employers currently are required to annually post collateral with the Tennessee Department of Commerce & Insurance which are used in the rare case of a bankruptcy ensuring employees receive WC benefits. This approach can help free up capital and save costs while maintaining protections for employees.
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