This so-called technical corrections bill is NOT about technical corrections, it is about tax hikes, plain and simple. Governor Bredesen has already said ”I’m not going to ask for new taxes to solve this problem.” I call on Governor Bredesen to stand by the this no tax hike pledge and oppose these back door tax hikes.
Link
"Basically, what you've got is a tax increase and I'm against a tax increase," said Odom, D-Nashville.
[...]NFIB state director Jim Brown said in a memo that FONCEs "have enabled thousands of Tennessee families to pool their resources and purchase commercial property for the purpose of long-term planning and investing and receiving passive income."
"Some families use FONCEs for college tuition, some for retirement and others for estate-planning purposes," the memo says. "The provision would cost substantial money to thousands of small business families at a time when it is very difficult to operate a mom-and-pop business."
Odom said he told Farr of his plans to oppose the provision on Friday and plans to outline his objections to a meeting of the House Democratic Caucus on Monday.
Department of Revenue spokeswoman Sophie Moery said officials intend to meet with both sponsors before the bill goes before the Senate Tax Subcommittee on Monday.
