TN Tax update from Waller Lansden

Waller Lansden Dortch & Davis provides this tight summary of the provisions of the General Assembly's annual "technical corrections" bill, submitted each spring by the governor's commissioner of revenue. FONCE, Streamlined sales tax, and more are here.

Tax loophole battle with VCs averted

Tennessee VCs say they believe the current version of a technical correction to FONCE tax legislation is harmless to their interests. Our story's here.

Newswrap Jan. 26

An AP story out today says Gov. Bredesen still wants repeal of the F&E tax exemption now enjoyed by family-owned non-corporate entities (FONCE), despite bipartisan opposition to a change, KNS, here (our earlier related story here). ...Memphis-area's masterIT sells IT-as-a-Utility preventive maintenance, CA, Jan. 26. ...U.S. stimulus spending for electronic medical records, smarter electrical grids and rural broadband could get $37 billion in the Obama stim package, but some observers fear IT industry's skills shortage could create bottlenecks, a prospect one executive discounts. New York Times, Jan. 25. ...Closer to home, Telemedicine expands in East TN, TFP, Jan. 22. ...A portable EHR is offered by Maryville-based Critical Access Inc., in the JCP. ...U.S. Rep. Bart Gordon says the stimulus package may include money for MTSU's $135 million new science building, TSN, Jan. 23. ...MTSU economist David Penn says creating new durable jobs will require renewed emphasis on workforce education, DNJ, Jan. 25. ...Tech2020 will convene on Wednesday to hear from Y-12 National Security Complex about doing tech-transfer partnerships. KNS, Jan. 25. ...We love our new VW plant, but Business Facilities says it was the deal second-best to Rolls-Royce's announcement in Virginia. ...ORNL's Kraken supercomputer cranks up, KNS, Jan. 23. ...East Ridge is the second city to take Chattanooga-based EPB's video service, rather than a cable competitor's, Chattanoogan.com. ...'Noogans want stimulus money for their proposed maglev rail link to Georgia, KNS, Jan. 24.

TN Revenue's Farr seeks 'true VCs'

Venture Capitalists and others remain wary, but Tennessee Revenue Commissioner Reagan Farr lays out in our story today what he's up to with this year's 'technical corrections' to the Tennessee Tax Code. The story's here.

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.