More than 58,000 businesses received a new corporate franchise tax break, according to a list from the Tennessee Department of Revenue.
The information released Saturday by the department does not say how much of a break each business received. The department's list also shows 15,868 received a tax break of more than $10,000; 33,376 businesses received between $751 to $10,000; and 9,240 businesses received $750 or less.
The General Assembly passed a corporate franchise tax cut in 2024 that was initially estimated to cost the state $1.6 billion. The list does not give a total amount for the tax breaks issued.
April corporate tax collections were $153.2 million below estimates, a 13.2% drop, according to figures released by the department earlier this month, due in part to the cut.
