Press release from the Tennessee House Republican Caucus; November 7, 2014:
(NASHVILLE) — House Majority Leader Gerald McCormick (R-Chattanooga), along with Senate Majority Leader Mark Norris (R-Collierville), filed legislation this week that calls for Tennessee’s sales tax rate to be cut. The intent of House Bill 1, filed Thursday by Republican leadership, is to reduce the tax rate from 7 percent to 6.75 percent.
“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.
Gerald McCormick lives in Chattanooga and represents District 26 in the Tennessee General Assembly, which is part of Hamilton County. He can be reached by email at firstname.lastname@example.org or by calling 1-800-449-8366, ext. 12548.