NASHVILLE, Tenn. (AP) - The state Revenue Department's latest effort to close tax loopholes could net the state up to $20 million.
Revenue Commissioner Reagan Farr says the annual measure known as the "Technical Corrections Bill," will this year include efforts to keep businesses from avoiding taxes when they sell commercial properties at a profit.
It will also seek to stop some banks from being able to avoid taxable interest income from mortgages by shifting it to out-of-state branches and then returning it as nontaxable dividend income.
Farr declined to project how much money the state will gain if the measure passes, but notes that state Finance Commissioner Dave Goetz has pegged the range at between $15 million and $20 million.
Information from: The Knoxville News Sentinel, http://www.knoxnews.com
(Copyright 2008 by The Associated Press. All Rights Reserved.)
The Women's Foundation of Greater Memphis plans to invest $1.2 million into the 38126 zip code.
More >>The Women's Foundation of Greater Memphis plans to invest $1.2 million into the 38126 zip code.
More >>A Memphis woman is $100,000 richer after taking home the grand prize at the World Food Championships Final Table in Arkansas.
More >>A Memphis woman is $100,000 richer after taking home the grand prize at the World Food Championships Final Table in Arkansas.
More >>Voters will elect a very different Shelby County Commission the next time they go to the polls.
More >>Voters will elect a very different Shelby County Commission the next time they go to the polls.
More >>The excitement surrounding the new Hattie B's in Midtown is causing some serious traffic problems
More >>The excitement surrounding the new Hattie B's in Midtown is causing some serious traffic problems
More >>Another battle is brewing tonight over the proposed budget.
More >>Another battle is brewing tonight over the proposed budget.
More >>The suspected Golden State Killer became less prolific but deadlier after losing his job as a police officer.
More >>The suspected Golden State Killer became less prolific but deadlier after losing his job as a police officer.
More >>A study by Chinese geologists shows the mountain where North Korea has conducted five successive nuclear bomb tests has collapsed.
More >>A study by Chinese geologists shows the mountain where North Korea has conducted five successive nuclear bomb tests has collapsed.
More >>Among the items leaving for the month are hit movies like "Disney's The Jungle Book," "Bridget Jones's Diary" and "Talladega Nights: The Legend of Ricky Bobby."
More >>Among the items leaving for the month are hit movies like "Disney's The Jungle Book," "Bridget Jones's Diary" and "Talladega Nights: The Legend of Ricky Bobby."
More >>Sheboygan County sheriff`s deputies arrived and pulled her over. Hauke denies her 12-year old daughter was in her lap, steering the car. Dashcam video shows she also was reluctant to speak with deputies.
More >>Sheboygan County sheriff`s deputies arrived and pulled her over. Hauke denies her 12-year old daughter was in her lap, steering the car. Dashcam video shows she also was reluctant to speak with deputies.
More >>“It has the potential to infect multiple North American wildlife species,” agriculture officials said.
More >>“It has the potential to infect multiple North American wildlife species,” agriculture officials said.
More >>Forrest Hunter wanted to buy a hunting license and was tired of waiting for help.
More >>Forrest Hunter wanted to buy a hunting license and was tired of waiting for help.
More >>The 72-year-old suspect has been identified as a former police officer and "nice guy."
More >>The 72-year-old suspect has been identified as a former police officer and "nice guy."
More >>The incident happened in Kitty Hawk along NC's Outer Banks.
More >>The incident happened in Kitty Hawk along NC's Outer Banks.
More >>Authorities in New York City are searching for the owner of a dog after a woman was attacked by the animal on the subway. The incident was caught on camera.
More >>Authorities in New York City are searching for the owner of a dog after a woman was attacked by the animal on the subway. The incident was caught on camera.
More >>