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Tennessee Chamber of Commerce & Industry
The Voice of Tennessee Business
Weekly Newsletter | July 11, 2023
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Tennessee's May Revenue Collections Show Overall Increases But Corporate F&E Tax Revenue Collections Slow:
May collections for franchise and excise collections
off by nearly 23% from prior year
On June 22nd, the Tennessee Department of Finance and Administration released tax collections from May, the 10th month of the 2022/ 2023 Fiscal year. Overall, Tennessee is still ahead of revenue estimates, but May collections reflect a decrease for anticipated corporate or franchise and excise tax revenue. Commissioner Jim Bryson notes that "Franchise and excise tax revenues combined were $8.4 million less than the budgeted estimate in May, and the growth rate compared to May 2022 was negative 23.83 percent"
Businesses have recently noted a slowing economic climate and the effects seem to be impacting Tennessee's business tax collections. Overall franchise and excise tax collections, year to date, are still $699.6 million more than the estimate; the overall year-to-date growth rate is 6.8 percent.
Next month, June collections will be closely watched; in recent surveys businesses have noted uncertainty with current economic conditions. To view the official May revenue release click here.
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Tennessee Chamber Announces Senior Leadership Position
The Tennessee Chamber of Commerce, the state’s primary advocate for businesses announced a significant operational development naming Sarah Burnett as Chief of Staff. This leadership addition is in response to the Chamber’s significant growth and continued expansion of its membership, advocacy efforts, and strategic initiatives. Burnett was promoted to the role after serving as the Director of Membership and Foundation Development where she successfully executed the Chamber’s most significant workforce development initiative, Be Pro Be Proud.
“Sarah is an extremely talented and trusted team member at the Chamber, and we are excited she will be taking on this new role,” said President and CEO Bradley Jackson. “Sarah has a decade of experience leading teams and building relationships, and we are looking forward to her continued success in driving impactful outcomes for our organization.”
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Tennessee Chamber Weighs in to Support Manufacturers Against Federal Regulatory Onslaught
The NAM, along with members of the NAM’s Council of Manufacturing Associations and Conference of State Manufacturers Associations, has launched Manufacturers for Sensible Regulations, a group aimed at addressing the unworkable onslaught of rules that has emerged from the Biden administration in recent months. The Tennessee Chamber and Manufacturers Association joined other manufacturing associations from across the country to express concern with the regulatory burdens hindering manufacturing in America. We are calling on the Biden Administration to coordinate efforts to ensure that federal regulators are implementing policies to promote the growth of manufacturing in America.
Please see the attached link to a final copy of the letter that was sent President Biden’s Chief of Staff, Jeff Zients earlier this month. This letter was released publicly. We encourage all manufacturers to share this letter directly with your congressional delegation and state officials.
NAM has several resources available on this important topic including an Action Center; their current Cost of Regulations Report and the most recent manufacturers’ Outlook Survey.
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A Closer Look:
What is the Unified Agenda of Regulatory and Deregulatory Actions?
Manufacturers subject to over 2,600 New Federal Regulatory Actions
noted in Spring 2023 Edition alone
A little known federal publication known as the Unified Agenda of Regulatory and Deregulatory Actions highlights the significant and ongoing onslaught of regulations that are constantly bombarding businesses and manufacturers. Since 1978, 65 federal agencies have been required by Executive orders to publish agendas of regulatory and deregulatory activities. The current Spring 2023 edition documents where federal agencies announced over 2,600 regulatory actions alone.
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Tennessee Chamber Advertising Alliance Program:
An Opportunity to Advertise and Participate in Events, Communications, Publications and Programs offered by the Tennessee Chamber
The Tennessee Chamber recognizes the need to make our members aware of available, essential services, and the Advertising Alliance Program affords companies the opportunity to advertise and participate in Tennessee Chamber events, communications, publications, and programs offered throughout the course of the year. Participants will also have opportunity to register, at the member rate, for activities not covered by the chosen level of engagement.
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Tell us Your Story:
Share Your Business Success & Best Practices
2023-2024 Tennessee Chamber Business Insider Magazine
Does your company have a remarkable success story or best practice that deserves recognition? We want to shine a spotlight on your achievements!
Submit your accomplishments through this form for an opportunity to be featured in the next issue of Business Insider magazine.
The Business Insider magazine is distributed to key business and political leaders, chambers of commerce and economic development agencies across the state. Don't miss this opportunity to showcase your excellence!
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ENVIRONMENT & ENERGY SPOTLIGHT | |
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The Tennessee Chamber actively engages in air, water, underground storage tank, remediation, and solid waste legislation and regulations administered and proposed through the Tennessee Department of Environment and Conversation (TDEC). Click the link below to view the May 2023 Newsletter. Contact Laura Leigh Harris for further information.
ENVIRONMENT & ENERGY:
The Tennessee Chamber was proud to support the Rural Brownfield Investment Act which was a part of Governor Lee’s package for this session. Public Chapter 86 aims to address 175 known brownfield sites and expands brownfield redevelopment incentives to allow for franchise and excise tax credits for both the purchase and remediation of brownfield sites. The bill also establishes Tennessee’s first Brownfield Redevelopment Area Fund and authorizes a Brownfield Redevelopment Area Grant Program.
The Chamber maintained its commitment to protecting critical infrastructure and a diverse energy supply by supporting several pieces of legislation. One of which increases the penalty for offenses of critical infrastructure vandalism from a Class E felony to a Class C felony, which took effect July 1. Two items of note supported by the Chamber relative to energy were Public Chapter 45 which prevents local governments from prohibiting the sale or installation of an appliance based on the type of energy used and Public Chapter 154 which defines both clean and renewable energy and states that if a local government chooses to impose requirements relative to the source of energy used, the definition placed in our state law that should be used. The Chamber commends the General Assembly for taking preventive measures to support business and economic development.
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2023 Environment & Energy Awards
Highlight Your Company's Environment & Energy Work
Deadline Extended to Friday, July 21st
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The Tennessee Chamber of Commerce and Industry’s 2023 Environment and Energy Awards is a tremendous opportunity to recognize businesses & manufacturers that have demonstrated outstanding achievement in environmental protection and enhancement as well as proactive and innovative energy projects.
Awards will be given to companies in these categories: Air Quality, Water Quality, and Solid & Hazardous Waste Management. An “Environmental Excellence Award” will be given to the nominee(s) who demonstrates the best overall efforts in environmental innovation or improvements. Only those industries that have combinations of air, water, solid waste and/or hazardous waste permits are eligible for this award. Additionally, an “Energy Excellence Award” will be given to an industry who has implemented significant energy innovation or improvements.
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Update From The Division of Air Pollution Control: Title V Fees
The Division of Air Pollution Control provided an overview of the proposed Title V diversification schedule during the Air Pollution Control Board meeting this past Wednesday. Slides from the meeting are linked below. If your business pays Title V fees, you will be impacted by this. There will be a public hearing August 8, and it will go before the board on October 1st.
Your feedback is very important as the Chamber develops its position on this proposal. The TN Chamber is hosting an in-person Air Subcommittee meeting to garner feedback on Wednesday, July 19, 11:00am CT at the Chamber office (414 Union St., Nashville, TN).
*Virtual meeting option available*
Please contact Laura Leigh Harris for more information.
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Tennessee Division of Air Pollution Control Webinar
Tuesday, July 18, 2023
The Tennessee Division of Air Pollution Control will hold a webinar on Tuesday, July 18, 2023, at 1:00 PM CDT, to present proposed revisions to its fee regulations.
The proposed revisions to be discussed include:
- Diversification of the Title V program funding,
- Fees for general permits, and
- Administrative & miscellaneous changes to the fee rule.
This is an informal webinar. After a presentation on each set of proposed revisions, the Division will take questions from attendees. Registration is not required to attend.
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Tax Policy Forum with Senator Marsha Blackburn
Monday, July 17th, 10:00am | Nashville City Club
A number of Tennessee businesses are greatly impacted by Section 163 J, an interest expense limitation that was enacted by the U.S. Congress in December of 2017 and was further limited in 2022. Join us for a discussion with Senator Marsha Blackburn regarding the need for a federal solution to alleviate this expensive tax burden on Tennessee businesses.
Senator Marsha Blackburn, the senior Senator from Tennessee, serves on the Deputy Whip Team and is a member of the Finance Committee; the Commerce, Science & Transportation Committee; the Veterans Affairs Committee; and the Judiciary Committee. She serves as the Ranking Member on the Subcommittee on Consumer Protection, Product Safety, and Data Security and the Subcommittee on Human Rights and the Law. Elected in 2018 as the first woman to represent the Volunteer State in the United States Senate, Senator Blackburn is up for reelection.
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2023 Environment, Energy & Recycling Conference
August 23-25th, Gatlinburg, TN
Save the date for one of Tennessee’s most prominent Environmental Policy and Regulatory conferences, hosted by the Tennessee Chamber. This two-day conference connects environmental and industry leaders from across the state with representatives of the Tennessee Department of Environment and Conservation (TDEC) and Region IV of the Environmental Protection Agency (EPA) to discuss emerging environmental regulatory and environmental management issues as well as to celebrate environmental and energy improvements in the state.
VIEW AGENDA
Sponsorship opportunities now available!
View sponsorship opportunities
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Tennessee Chamber(s) of Commerce DC Fly In
September 18-20 | Washington, DC
The Tennessee Chamber is proud to announce a Washington D.C. Fly In for 2023. This opportunity presents a unique opportunity for Tennessee companies to weigh in on important policy topics at the federal level. We hope you can join us and make this event a great success. Planned activities include meetings with Tennessee’s U.S. Senate and House delegation and staff and policy briefings with some of the most influential national associations impacting business.
Sponsorship opportunities available. Email Jim Skelton, Director, Member Services & Programs
View Sponsorship Opportunities
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Business Tax Workshop (CLE and CPE offered)
Thursday, September 28th | 8:00am-3:00pm
One of our longest standing events, held in the Fall, the seminar is designed to help tax and legal professionals, government affairs, nd operational managers understand and prepare for tax policy. The seminar provides important updates from the Tennessee Department of Revenue, legislative updates, and new/emerging tax issues impacting business & industry. The event concludes with a meeting of our tax committee that allows member companies the opportunity to weigh in on tax policy for the upcoming session.
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TN Chamber Business Open
Monday, October 2 | 1:00pm Shotgun Start
Hermitage Golf Course
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Join us for a day on the course. This Annual tournament is one of the largest in the area providing a number gifts, hole sponsorship activities and sponsorships. It is a great time to for business & industry leaders to network, and build relationships. Lunch begins at 12:00pm with a shotgun start at 1:00pm.
Sponsorship opportunities available Email Jim Skelton for additional information.
View Sponsorship Information
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Record Keeping (8:30am-12:00pm)
Many people are not sure how to complete the OSHA 300 forms correctly. Accurate records are important for many reasons and TOSHA expects employers to comply with the rules for keeping records that truly reflect workplace injuries and illnesses that occur in Tennessee. At this seminar, the student will get the information needed to record cases correctly, and will learn when cases should not be recorded. Correctly recorded data should also be used effectively in your facility to help maintain a safe and healthy workplace. This seminar provides practical hands-on training and information on the recordkeeping system and the OSHA 300 log. The seminar will also define the requirements for electronically reporting injury and illness data. Employers can now electronically report their Form 300A data to OSHA. This seminar is a basic level and is intended for anyone with recordkeeping responsibilities.
Maintenance Related (8:30am-4:30pm)
This workshop is designed specifically for maintenance personnel responsible for correcting non-compliance areas and for maintaining machines and equipment in a manner that will guarantee continuous compliance. This workshop will help maintenance people achieve the results that are necessary to insure continuous compliance. Of course, anyone who has any TOSHA compliance responsibility can benefit from this.
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MEMBER EVENTS & DISCOUNT PROGRAMS | |
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TAMA Annual Golf Scramble
Thursday, August 10 | 7:30am Shotgun Start
Old Fort Golf Course, Murfreesboro, TN
The annual TAMA golf scramble will be held on Thursday, August 10 at the Old Fort Golf Course in Murfreesboro, TN. A light breakfast and lunch will be provided. We will divide the group into two flights with first and second place trophies awarded for each flight. We will also have a longest drive contest for both men and ladies, a closest to the pin for both men and ladies, as well as a putting contest. Drinks will be provided on the course. Range balls will be available prior to teeing off. Back by popular demand will be the trophy for the most engaged hole sponsor. Hole sponsorships are available while they last. Come out and join the networking and fun on the links.
Foursome Team
$600 (Members)
$800 (Non-Members)
$150 - Individual Player
Sponsorship opportunities available! Contact jim.skelton@tnchamber.org
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414 Union Street, Suite 107, Nashville, TN 37219
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