Which businesses got part of Tennessee's $1.5 billion tax refund
Tennessee is revealing which businesses got a combined $1.5 billion in state franchise tax refunds — but the list is only available for a limited time.
Why it matters: Lawmakers approved a massive franchise tax cut last year, along with three years of retroactive refunds, which were massive drains on the 2024-25 budget.
Refunds are expected to account for about $1.5 billion. The state's public database of beneficiaries will only be available through June 30.
Zoom in: The state is not disclosing exactly how much each company received. Instead, the results are grouped into brackets: refunds of $750 or less, refunds ranging from $750-$10,000, and refunds of more than $10,000.
More than 58,000 entities are included on the refund list. Many companies have multiple entries, reflecting various subsidiaries that got refunds.
Companies listed in the highest refund bracket included FedEx (which had 12 separate entries), Amazon, Dollar General and Gov. Bill Lee's family business the Lee Company.
Flashback: Supporters of the tax cut, including Lee, argued the design of Tennessee's franchise tax on businesses violated the U.S. Constitution. They said a cadre of Tennessee businesses could sue the state unless lawmakers approved a change that slashed collections.
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