Latest news with #DepartmentofRevenue
Yahoo
5 hours ago
- Business
- Yahoo
World's top businesses, Lee Company receive biggest Tennessee tax rebates
The Lee Company, owned by Gov. Bill Lee's family. received Tennessee's biggest business tax rebate. Lee's office has consistently said his company interest is in a blind trust. (Photo: John Partipilo/Tennessee Lookout) Some of the world's largest companies and the governor's family business received Tennessee's biggest new business tax rebate, according to a listing released by the Department of Revenue. Lee Company, a mechanical engineering and HVAC, plumbing and electrical services company owned by Gov. Bill Lee's family, joined Amazon, FedEx, Nissan, Hankook Tire, 84 Lumber, AT&T and utilities such as Atmos Energy and Alabama Power in netting franchise and excise tax rebates of more than $10,000 each created by a 2024 state law. Memphis-based FedEx, with 13 subsidiaries, landed the maximum rebate for each one, and Japanese-owned Nissan filed for six subsidiaries that each received the rebate. A governor's spokesperson did not respond to questions Monday, but his office consistently says he put his interest in Lee Company into a blind trust during his governorship, though he could benefit when he leaves the post late in 2026. Other notable companies among the 16,000 receiving the state's maximum break in its business property tax include Bridgestone, Ingram Partners, Aegis Sciences, Ajax Turner, Ascension Care, BNSF Railway Co., Carhartt Inc., Ford Motor Co, Volkswagen, Coca-Cola Bottling, Denso Manufacturing, Elvis Presley Enterprises, Gannett Co., Frito-Lay Inc., Pilot and Pilot Travel Centers and Brown-Forman, the owner of Jack Daniel's. Popular Nashville spots such as Frothy Monkey, Jeff Ruby's, Von Elrod's and Bourbon Street Blues & Boogie Bar took the rebate as well. In all, about 60,000 companies received three-year refunds ranging from less than $750 to between $750 and $10,000. The estimated $1.5 billion in refunds and tax cuts, a large number of them made to out-of-state companies, appears to be having an immediate impact on the state budget. Tennessee's business tax collections on property and earnings are $335 million short of projections through the first four months of the year — 11% off the mark — according to the Department of Finance and Administration. The tax cut amounts to more than $400 million annually. Tennessee lawmakers approved the refunds and franchise tax break in 2024 when Department of Revenue officials said the state faced legal threats over its business taxes. Despite the shortfall, Republican Lt. Gov. Randy McNally said in a Monday statement: 'I believe now, as I did at the time, that the rebates were the most responsible course due to the strong probability that the state would be in a worse fiscal position after impending litigation. Based on the advice of the attorney general, we were simply not willing to take that kind of risk with Tennessee's financial future on the line and I stand by that decision.' Other lawmakers such as House Majority Leader William Lamberth, a Portland Republican, said last year they supported Gov. Bill Lee's legislation because it was good policy, not because of legal threats. Some 80 companies reportedly sent letters to the state requesting rebates. 'Conservative budgeting and fiscal responsibility over the past decade have placed our state in a strong financial position,' Lamberth said in a statement Monday. 'The significant tax cut we approved last year reinvested dollars right back into the businesses, communities and workers that fuel the Volunteer State's economy.' The state's lists, which will be on the Department of Revenue website for only 30 days, don't detail the exact amount of rebates, but the largest amount could run from $10,000 to $75,000. State Sen. Heidi Campbell, a Nashville Democrat, blasted the move as a 'corporate tax refund scheme' and encouraged people to check the list to see which companies are benefiting. Campbell said lawmakers approved the measure without a lawsuit or court ruling, Tennessee's largest companies secure sales tax exemptions for everything from jet fuel to water 'Just a letter from corporate attorneys and a political class eager to please.' Campbell added the state is dealing with its biggest budget deficit of the year as a result. The legislature refused to take action this year on grocery sales tax reductions, one sponsored by Democrats accompanied by an effort to go after offshore accounts used to hide income and one backed by Republicans that offered no way to offset the revenue loss. 'This is the real cost of trickle-down economics: corporate handouts while working families get left behind. It's fiscally irresponsible and morally indefensible,' Campbell said. The advocacy group Tennessee For All, which supports elimination of the grocery tax, criticized the state's refunds, saying companies are exploiting the program. 'Instead of closing loopholes so families can get a break on groceries, the majority of legislators chose more corporate giveaways,' said Angela Wynn, a Rutherford County parent and member of Public School Strong, a partner in the Tennessee For All coalition. The group pointed toward reports by two Democratic lawmakers using state information from 2022 and 2025 that show more than 60% of corporations operating in Tennessee pay nothing in excise taxes on income. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
Yahoo
7 hours ago
- Business
- Yahoo
Worcester restaurant serving food from Ghana seized by state due to unpaid taxes
A restaurant located on Worcester's Grafton Street that serves cuisine from Ghana has been seized by the state's Department of Revenue (DOR) due to unpaid taxes, according to two signs posted on the building's windows. Accra Girls at 1280 Grafton St. was seized by the DOR because of nonpayment of taxes, the two orange signs read. Emmanuel Larbi and Manasseh Konabu, the co-owner of Accra Girls, did not immediately respond to requests for comment on Monday. The Department of Revenue did not immediately respond to a request for comment about the timing of the seizure on Monday. Accra Girls first opened in 2017, according to the Worcester Business Journal's profile on Larbi. The Instagram page of the restaurant reads that it offers 'hospitality on a plate.' The restaurant serves dishes from Ghana, which feature foods such as Jollof rice, boiled yam and spinach stew and Banku — a starchy dish made of corn and cassava doughs. Worcester father of 4-month-old deported after ICE 'violated his rights,' attorney says Mass. Hidden Gems: Comfy classics and a mystery menu at Peppercorn's Here's where to see fireworks this weekend in Massachusetts Read the original article on MassLive.
Time of India
14 hours ago
- Automotive
- Time of India
Big push for EVs: India opens door to global carmakers with massive tax breaks & investment mandate
New Delhi: The government has notified a scheme to promote the domestic manufacturing of electric passenger cars, mandating a minimum investment of ₹4,150 crore and offering a concessional import duty of 15 per cent for five years on electric four-wheelers priced at or above $35,000. The scheme, titled "Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI)", was notified by the Ministry of Heavy Industries ( MHI ) on March 15, 2024. On the same day, the Department of Revenue, Ministry of Finance, issued a separate notification regarding reduced import duties in line with the scheme's provisions. The MHI will shortly issue a notice inviting applications under the scheme. Prospective applicants will be able to submit their applications online. Approved applicants will be allowed to import Completely Built Units (CBUs) of electric four-wheelers with a minimum CIF (Cost, Insurance, and Freight) value of $35,000 at a reduced customs duty of 15 per cent for a period of five years from the date of application approval. The number of e-4Ws allowed to be imported at this reduced duty rate will be capped at 8,000 units per year, and any unutilised annual quota may be carried forward. However, the overall customs duty foregone under the scheme will be limited to the lower of two figures—either ₹6,484 crore per applicant or the actual investment committed by the applicant, which must be a minimum of ₹4,150 crore. Union Minister H.D. Kumaraswamy said at a press conference, 'Under the visionary leadership of Hon'ble Prime Minister Shri Narendra Modi, the Ministry of Heavy Industries has approved a forward-looking scheme to promote the domestic manufacture of passenger cars, with a special focus on electric vehicles. This landmark initiative aligns with India's national goals of achieving Net Zero by 2070, fostering sustainable mobility, driving economic growth, and reducing environmental impact. It is designed to firmly establish India as a premier global destination for automotive manufacturing and innovation.' He added, 'The scheme is strategically crafted to position India as a global hub for electric vehicle manufacturing. With a minimum investment threshold of ₹4,150 crore, it provides an enabling policy environment for leading global and domestic players to establish long-term manufacturing footprints in the country. Through calibrated customs duty concessions and clearly defined domestic value addition (DVA) milestones, the scheme strikes a balance between introducing cutting-edge EV technologies and nurturing indigenous capabilities.' 'By mandating domestic value addition targets the scheme will further boost the 'Make in India' and 'Aatmanirbhar Bharat' initiatives, while empowering both global and domestic companies to become active partners in India's green mobility revolution,' he said. Applicants will be required to commence manufacturing operations within three years from the date of application approval. There is no cap on the maximum investment under the scheme. The scheme mandates a minimum domestic value addition (DVA) of 25 per cent within three years and 50 per cent within five years from the date of issuance of the approval letter by the MHI or the Project Monitoring Agency (PMA). The DVA will be assessed using the Standard Operating Procedure issued under the Production Linked Incentive (PLI) Scheme for Automobile and Auto Components. Certification of DVA for the eligible products will be conducted by testing agencies approved by the MHI. Applicants will be required to make investments specifically for domestic manufacturing of eligible electric passenger vehicles. If the investment is made in a brownfield project, a clear physical demarcation with existing manufacturing facilities must be ensured. Expenditures on new plant, machinery, equipment, associated utilities, and engineering research and development (ER&D) will be considered for calculating investment. Land costs will not be included, but buildings for the main plant and utilities will be eligible provided they do not exceed 10 per cent of the committed investment. Investments in charging infrastructure will be considered up to a limit of 5 per cent of the committed investment. To secure compliance with the scheme's conditions, the applicant will be required to furnish a bank guarantee from a scheduled commercial bank in India. The guarantee must be equal to the higher of the total duty to be foregone or ₹4,150 crore and must remain valid throughout the scheme period. The application window will remain open for a minimum of 120 days and can be reopened by the MHI as required, until March 15, 2026. A non-refundable application fee of ₹5,00,000 will be charged. To qualify under the scheme, applicants must meet the following eligibility criteria: global revenue from automotive manufacturing of at least ₹10,000 crore and a global investment in fixed assets (gross block) of at least ₹3,000 crore based on the latest audited annual financial statements. The scheme is intended to attract global electric vehicle manufacturers, position India as a major EV production hub, and contribute to employment generation while supporting the national goals of sustainable mobility and reduced environmental impact.
Hindustan Times
2 days ago
- Business
- Hindustan Times
Georgia tax rebate: Here's when you will receive your money and who is eligible
Georgians can soon expect to receive tax rebates ranging from $250 to $500, depending on where they fall in the eligibility chain. The state of Georgia had a $16 billion tax surplus at the end of FY2024. The move comes following Governor Brian Kemp's approval of a bill back in April that promised to release these surplus funds back to the people. "Here in Georgia, we safeguard every dollar of taxpayer money, because we know it belongs to the people, not the government," Kemp said. "While other states are running up budget deficits and raising taxes on their citizens, we're investing in the priorities of our state while further cutting taxes and returning more than a billion dollars to hardworking Georgians! That's on top of the tax relief we've given in prior years and is a direct result of our conservative budgeting.' Here's all you need to know about the impending distribution of the $1 billion tax rebate amount: According to the official website of Georgia's Department of Revenue, you may be eligible for the HB 112 Surplus Tax Refund if you: • File your Individual Income Tax Return for tax year 2023 and tax year 2024 by the May 1, 2025 deadline (or by October 15, 2025, if an extension was granted) • Had a tax liability for tax year 2023 • Are a Georgia resident, part-year resident, or non-resident The last date to file tax returns for 2024 was extended from April 15 to May 1 following the aftermath of Hurricane Helene. The amount due to beneficiaries depends on the category they qualify for: • $250 for those filing as single • $250 for married filing separately • $375 for those filing as head of household • $500 for couples filing jointly These rebates will be exempt from taxes under Georgia law. However, if someone owes an outstanding debt to the state, this payment may be reduced accordingly. Refunds will be processed using the means opted for in taxpayers' regular refund instructions which could be either direct deposits or paper checks. The Department has called for a 6-8 week waiting period starting from the May 1 deadline for issuing these payments. Usually, electronic payments are processed a bit earlier than physical ones. You can use Georgia Tax Center's e-filing services to check the status of your payment by providing a tax year, your social security number or individual taxpayer ID, and your Federal Adjusted Gross Income from that year. Be sure to update the address on your Georgia Tax Center account if you've moved. 'As families fight through the impacts of high prices over the last several years, I want to thank our partners in the legislature for helping to make this possible and for supporting their fellow Georgians in this way,' Governor Kemp added.
Yahoo
3 days ago
- Business
- Yahoo
Sibson to take Mitchell's tax increment district complaints before SD audit committee
May 30—MITCHELL — Mitchell resident Steve Sibson is taking Mitchell's increment tax districts before a state legislative committee, raising concerns that the number of tax districts in the city lacks proper scrutiny and may not follow state approval procedures. On May 19, Sibson gave the city council an update on his conversations with the South Dakota Department of Revenue, particularly with regard to TID No. 41. According to previous discussions, increment districts no longer have to be pre-approved by the revenue department before going before a city council or county commission. However, Sibson shared that this was not the case, and that Mitchell was receiving special treatment because of the volume of TIDs the city has. "When I brought up the push back on that requirement for a pre-approved submission as to classification type, I was told that is still in place," Sibson said. "It seems like the Department of Revenue is rubber stamping what we're doing here." The Mitchell Republic reached out to the South Dakota Department of Revenue to confirm Sibson's statements to the council, but the department had not responded by the time this article was published. During its May 19 regular meeting, the Mitchell City Council approved a developer agreement for Tax Increment District (TID) No. 41 for affordable housing and street construction, and also approved a developer agreement for TID No. 42 to expand the Dale's A1 Transmission service building on South Burr Street. The council previously approved the creation and project plans of these tax districts on May 5. TID No. 41 includes two projects, which Sibson took as an issue to the revenue department. In particular, the TID No. 41 agreement lays out what will happen to increment-generated tax funds once the affordable housing units are completed, specifically the construction of Mattie Street. Sibson raised concerns with the revenue department that property owners along Mattie Street, some of whom are outside of Mitchell city limits in Davison County, will be taxed to complete Mattie Street. The city's response is that they don't know if that will happen yet. City Attorney Justin Johnson told the Mitchell Republic that the city won't know how much of the Mattie Street construction can be supported by TID No. 41 until the apartments have been built and the property values have been established. In the coming years, if the council decides to construct Mattie Street without enough support from TID No. 41, then the rest of the project will have to be paid for somehow, according to Johnson. "It's possible that part of it could be done by special assessment, which neighboring properties would be responsible for," Johnson said. If TID No. 41 covers part of the cost of constructing Mattie Street, property owners along Mattie Street would likely be paying less than if there was no tax district at all, Johnson noted. If there were no tax district funds available and the council decided to move forward, assessments for those properties along Mattie Street would cover the whole construction cost of Mattie Street. In other words, if TID No. 41 doesn't pay for all of the construction costs and the city doesn't pay for it out of general funds, Mattie Street property owners are on the hook to complete the road. The boundaries of Mattie Street are within the Mitchell city limits. However, only the right of way for the street is within the city limits while the properties on either side of Mattie Street on the south side are outside of the city limits. A tax increment is only generated from property within the boundaries of the TID, but no tax funds will be generated from the street itself, which is a right-of-way, and therefore tax-exempt, according to Mitchell Finance Officer Michelle Bathke. If a special assessment were levied against property owners, then even those property owners outside of city limits would be liable for paying a share of the burden to finish construction of Mattie Street to East Havens Avenue. In addition to the city potentially raising a tax levy against individual property owners along Mattie Street, the status of TID No. 41 may result in a special levy to maintain tax funds for the Mitchell School District. According to Sibson, the city of Brookings passed a TID that required a special assessment in the amount of $470,000, which taxpayers had to pay. Sibson raised concern with Davison County auditors that the same thing could happen in Mitchell. TID No. 41 was passed to fund Paul Groeneweg's Woods Apartments, a proposed 70-unit complex with two-and-three-bedroom apartments across 12 buildings, which Sibson found no fault with. It is estimated that the developer's infrastructure will be covered by TID No. 41 at an estimated $2.28 million in tax funds. However, Sibson had problems with the city including street construction as a separate project on the same TID. A violation of TID rules, according to Sibson's research. This TID is unique in that it also has a plan to construct the area of Mattie Street south of First Avenue and north of East Havens Avenue, including intersections, with a projected $2.02 million in tax funds. This is not the first TID to seek to complete a portion of Mattie Street. In 2012, TID No. 17 was introduced to cover the construction cost of a portion of Mattie Street, but ultimately failed to complete the task. TID No. 17 was paid off in nine years and resulted in $12,849,130 of assessed value growth when it was dissolved, according to City Administrator Stephanie Ellwein. At the time TID No. 17 was approved in 2012, it was estimated that $200,000 would be raised toward the construction of roughly 450 feet of Mattie Street. TID No. 17 included five phases, with the last phase being Mattie Street's road, sewer and water installation. This would have connected the area of Mattie Street between East Birch Avenue and Charles Avenue, but would not have connected to East Havens Avenue. TIDs have four kinds of classifications with the Department of Revenue — local, industrial, economic development and affordable housing. Previously, Sibson told the council he was concerned about the Mattie Street project, that if it included a local TID classification then it would be denied at the state level for tax reimbursement for the school district. In a local TID, projects usually benefit the local government instead of having a regional or statewide benefit, according to the Department of Revenue. Local TID projects are subject to a special levy protection for school districts by the county auditor. This means that even if a local TID is passed, it may result in additional levies on all property in the Mitchell School District, not just those properties within the TID boundaries. "This is not just about the city of Mitchell. This is statewide concerning how our property taxes are being impacted by things like this," Sibson told the council. A revenue department employee offered Sibson the opinion to refer TID No. 41 to a vote of the people, which Sibson told the council he would not do. Instead, Sibson is tackling the issue at the state level by addressing legislative committees directly. Sibson said he would take the issue to the South Dakota Government Operations and Audit Committee, which is made up of a mix of senators and representatives. "I just want to give the city council a heads up that if some things come up at the state level about this particular project, I don't want it to be me giving the city of Mitchell a black eye for doing something that's going on statewide," Sibson said.
