House Leader Gerald McCormick Aims to Lower State Sales Tax Rate
“I filed this legislation in an effort to put an idea out on the table as we continue to discuss tax reform, and hopefully find a solution that will decrease taxes for all Tennesseans and help economic growth throughout the state," said the House Majority Leader.
State revenues have come in below projected totals over the last couple years, causing state budgets to be tightened, and GOP leadership feels it is time to have a meaningful and thoughtful discussion on the matter.
“Reducing the sales tax rate is just a small part of a much broader discussion on important tax reform issues that I look forward to having in the upcoming months," concluded Leader McCormick.
In last year’s budget, Tennessee collected approximately $7.2 billion from sales tax revenue, according to the Department of Revenue.