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Article by Paula Gomes, Tennessee Conservative News –
A recently approved proposal aims to give small businesses in Nashville some relief property taxes along with other expenses.
Mayor Freddie O’Connell’s Legacy Business Program and a Workforce Advancement Incentive were approved by the Metro Nashville Council in a 28 to 4 vote on Tuesday.
Beginning in November, a 30-day application window will open with notifications being sent out next February for those that are approved for a grant. Businesses must have been in operation for at least a decade to be eligible.
Not everyone is a fan of the program.
One Council Member who voted against the incentives proposal, Jeff Eslick, said that the grants are property tax dollars which are being recycled.
According to O’Connell, there has already been much interest in the Legacy Business Program as business owners have reached out to the Office of Economic and Community Development for information.
The small business incentives plan which O’Connell introduced in August, expands the Property Investment Incentive which was already in place.
The next step is for the newly passed legislation to go before the Industrial Development Board next week.
Skyrocketing property taxes have been a central issue for both home and business owners across the state.
Recently, one Nashville businessman made the difficult decision to sell one property just to be able to afford to pay a 94 percent property tax increase on another.
Some Nashville business owners are saying that even if they meet the legacy benchmark to apply for a grant, they may still not be able to afford the upfront capital necessary to participate in the program.
The Tennessee General Assembly is expected to address property taxes when it reconvenes in January, possibly even sooner as House Speaker Cameron Sexton has tossed around the potential for a special session this fall amid continued pressure from taxpayers across the state.
Sources:
TennesseeConservativeNews.com.
WSMV.
About the Author: Paula Gomes is a Tennessee resident and reporter for The Tennessee Conservative. You can reach Paula at paula@tennesseeconservativenews.com.
