skip to main content
skip to newscasts

Friday, May 17, 2024

Public News Service Logo
facebook instagram linkedin reddit youtube twitter
view newscast page
play newscast audioPlay

4 dead as severe storms hit Houston, TX; Election Protection Program eases access to voting information; surge in solar installations eases energy costs for Missourians; IN makes a splash for Safe Boating Week.

view newscast page
play newscast audioPlay

The Supreme Court rules funding for the Consumer Financial Protection Bureau is okay, election deniers hold key voting oversight positions in swing states, and North Carolina lawmakers vote to ban people from wearing masks in public.

view newscast page
play newscast audioPlay

Americans are buying up rubber ducks ahead of Memorial Day, Nebraskans who want residential solar have a new lifeline, seven community colleges are working to provide students with a better experience, and Mississippi's "Big Muddy" gets restoration help.

Loophole Could be Fueling TN Sales Tax Revenue Slide

play audio
Play

Monday, August 10, 2009   

NASHVILLE, Tenn. - New statistics show that for the fourth straight month Tennessee sales tax revenues are 10 percent below the figures for the previous year. Contributing to the shortfall are said to be many national corporations that avoid paying their appropriate share of Tennessee sales taxes; under current law, the companies can report their assets in states with lower tax rates. It's a loophole the group Tennesseans for Fair Taxation is trying to close.

Dick Williams, a board member of Tennesseans for Fair Taxation, says the state should enact legislation calling for combined reporting.

"Combined reporting would require them to report all of their income and to pay Tennessee its fair share of that."

Combined reporting mandates multi-state companies to apportion their profits according to formulas which consider how much of the firm's property, payroll, and sales are in each state. Tennesseans for Fair Taxation is preparing to lobby for the change during the next state legislative session.

Williams says that, not only is the state losing revenue from national companies under current tax law, but state companies would benefit under combined reporting.

"It's also more fair to Tennessee companies that cannot shift some of their tax burden otherwise."

Some business groups argue that making the companies pay more will eliminate jobs in the state.

Combined reporting has been successfully adopted in a majority of states and has held up to legal challenges.


get more stories like this via email

more stories
About 7.4 million adults take insulin, a hormone regulating glucose and used to treat diabetes patients. (Adobe Stock)

Health and Wellness

play sound

More than 1 million people in North Carolina are diabetic and they have become increasingly worried about the national shortage of insulin. The …


Environment

play sound

Missouri homes and businesses have installed enough solar energy to power 68,000 homes each year. A new report released by the Solar Energy …

Social Issues

play sound

Workforce watchers project the country could face critical worker shortages in many of the skilled trades in coming years. The Nebraska Winnebago …


If power grid operators cannot change the interconnection process in time, data show around 80% of the emissions reductions expected from the Inflation Reduction Act might not happen. (Adobe Stock)

Environment

play sound

A new rule from the Federal Energy Regulatory Commission could improve Virginia's electric grid transmission capacity. It requires utilities and …

Social Issues

play sound

Surrounded by states banning nearly all abortions, its legalization in New Mexico has made the state a top place to travel for the procedure and a …

As we near summer, tens of millions of Americans will take to our nation's waters to spend time with family and friends. (Adobe Stock)

Social Issues

play sound

Hoosiers are launching their boats to enjoy another season on the water. However, before jumping aboard, now is an ideal time to review safety plans …

Social Issues

play sound

This week, Ohio approved adult-use marijuana sales as part of a 2023 ballot measure, with sales anticipated to start mid-June. Ohioans age 21 and …

Social Issues

play sound

The Nevada state primary is coming up June 11 and one voting-rights group wants to make sure all Nevadans have the information they need to make their…

 

Phone: 303.448.9105 Toll Free: 888.891.9416 Fax: 208.247.1830 Your trusted member- and audience-supported news source since 1996 Copyright © 2021