Monday, November 24, 2008
Farr fights FONCE for funds
State Revenue Commmissioner Reagan Farr (left) hasn't let go his interest in erasing the tax exemption enjoyed by Family-Owned Non-Corporate Entitites (FONCE), an effort that was strongly and successfully resisted earlier this year when the state's venture-capital community awakened to Farr's earlier attempt to repeal the 8-year-old exemption. Farr then set about surveying VCs and others, to get the data that was missing in the last round of this fight. During last week's 38-minute Bredesen Budget hearing on Farr's department, Farr raised FONCE again, and apparently has the support of Tennessee's chief executive. Our previous related story is here. A good story on this, earlier, at Knoxville News Sentinel.