The Tennessee General Assembly has approved roughly $400 million in tax cuts for Tennessee families and businesses through Senate Bill 275/House Bill 323, the Tennessee Works Tax Act.
The legislation includes a three-month grocery tax holiday and a paid family leave tax credit for companies to support Tennessee families. It also provides tax relief for Tennessee businesses and increases the state’s economic competitiveness through several changes to Tennessee’s tax laws. Most of these legislations are to be effective tax year ending in Dec 31, 2024, however, some are effective the current