Tennessee Implements Largest Tax Cut in State History, Including Grocery Tax Holiday
TL;DR
Tennessee Governor Bill Lee signed the Tennessee Works Tax Act, the largest tax cut in state history, providing over $400 million in savings for families and businesses while supporting future economic growth. The legislation includes a three-month grocery tax holiday beginning August 1 and more than $150 million in annual small business tax relief. The act also simplifies tax administration and conforms with the federal bonus depreciation provisions of 2017 Tax Cuts & Jobs Act, allowing businesses to more quickly recover costs and further incentivize investment in Tennessee production.
- Gov. Lee Signs Single Largest Tax Cut in Tennessee History into Law tn.gov
- Largest tax cut in Tennessee history becomes law, residents get 3 month sales tax holiday WZTV
- 3 month grocery tax suspension coming to Tennessee WKRN News 2
- Gov. Lee signs ‘single largest tax cut’ in Tennessee history into law WSMV 4
- $400 million in tax cuts signed into law includes three-month grocery tax holiday News Channel 5 Nashville
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