A $271 million business tax break among the many items in Tennessee's 2023 budget

Buried among the many changes made to Tennessee’s 2023 budget is a several hundred million tax break for some of the state’s largest businesses and a change in how companies depreciate their assets will allow a significant windfall over the next four years, estimated at $271.2 million in tax savings.
 

These cuts are among several other tax breaks and spending projects that are part of the state’s $56.2 billion budget proposed by Gov. Bill Lee and passed by state lawmakers. 

Republicans, who have led the charge for the depreciation tax change, said it would help  provide incentive for  businesses to invest more money in the short term. The depreciation measure is among several tax changes, including raising the standard deduction for franchise and excise tax, as well as a three-month sales tax break on food sales.