Press Release from the Republican Caucus of the Tennessee House of Representatives, Jan. 10, 2012:
Tennessee Takes Number One Ranking for Low Taxes and Business Regulation
Recent U.S. Chamber of Commerce Report Cites the Volunteer State as Model for Rest of the Nation
NASHVILLE, Tenn. – As the Tennessee Legislature readies to gavel in session later today, top Republican lawmakers are touting the results of a recent U.S. Chamber of Commerce study that says Tennessee is a leading “Enterprise State” for its remarkable environment of low taxes and navigable regulations.
The Chamber report, available here, notes “Tennessee’s low cost of living, fourth lowest state and local tax burden and manageable budget gap place it first in this year’s tax and regulation ranking.” The State moved up two places from last year’s ranking.
The report also cites the “business-friendly Legislature” and the fact the Commissioner of Economic and Community Development and the Commissioner of Revenue work together to ensure there is a “no surprise” regulatory environment in Tennessee. Additionally, in profiling the State, the Chamber highlights Governor Bill Haslam’s Jobs4TN initiative that utilizes “existing economic development assets to identify and prioritize growth-ready industry clusters, establish nine regional ‘jobs base camps’…and reduce regulations that get in the way of business and job growth.”
House Speaker Beth Harwell (R—Nashville), House Majority Leader Gerald McCormick (R—Chattanooga) and House Republican Caucus Chairwoman Debra Maggart (R—Hendersonville) believe Tennesseans can expect a continued focus on sound fiscal policy and common sense reforms to regulations in the new legislative session.
Speaker Harwell stated, “We are proud Tennessee has, once again, been recognized as a top State for businesses and families. I look forward to a successful session that will further Tennessee’s unmatched record of accomplishment by keeping taxes low and further reducing the State’s regulatory burden.”
“Tennessee is on solid footing when it comes to tax and regulatory policy. That said, I believe we can do more. Thanks to the leadership of Governor Haslam, we have a guiding vision for transforming Tennessee into a truly competitive State that will be an engine for growth in the coming years,” stated McCormick.
Maggart added, “This session will be a model for future legislative sessions. We are focused on how to best pave the way for job creation in the private sector, removing government barriers to business growth, and maintaining our State’s low tax reputation. Tennesseans expect government to serve them and their priorities and we are going to do just that.”
The 2nd session of the 107th General Assembly begins today at noon central time.