On April 26, 2017, Tennessee Governor Bill Haslam signed the “Improving Manufacturing, Public Roads and Opportunities for a Vibrant Economy (IMPROVE) Act” or the “2017 Tax Cut Act” which allows certain manufacturing businesses to elect single sales factor apportionment for franchise and excise tax purposes. The legislation also reduces the state’s sales tax rate on the retail sale of food and food ingredients and provides a formal phase-out schedule for the Hall income tax.

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