More than 100,000 small businesses with annual gross sales of less than $100,000 within a county and/or city will no longer be required to file a return with the passage of the Tennessee Works Tax Act. This change applies to tax periods ending on or after Dec. 31, 2023.

To help raise awareness of this change, the Department of Revenue recently sent letters with instructions to business owners who may be affected asking them to confirm locations that are no longer subject to business tax.

Businesses not liable for tax are still required to keep their business licenses up to date. For jurisdiction(s) in which a business’ total gross sales are between $3,000 and $100,000, they must obtain a minimal activity license directly from the local county or city jurisdiction.

“We’re happy to be able to provide this tax relief to businesses,” Revenue Commissioner David Gerregano says. “We want to make sure business owners are aware of this change and know that they need to contact us so we can update their accounts.”

Nearly 2K TN households land $4M in FEMA aid

FEMA is helping 1,964 Tennessee households with $4 million in financial assistance after the Dec. 9 storms and tornadoes.

Eligible households in Cheatham, Davidson, Dickson, Gibson, Montgomery, Stewart and Sumner counties have been approved for aid that may include rental assistance, basic home repairs and other disaster-related expenses.

In addition, the U.S. Small Business Administration has approved $2.8 million in low-interest disaster loans for businesses, homeowners and renters.

The Tennessee Emergency Management Agency and FEMA operated seven Disaster Recovery Centers serving 3,000 visitors and FEMA Disaster Survivor Assistance personnel visited more than 17,000 homes and 7,000 public locations to help people apply for assistance.

FEMA Hazard Mitigation personnel provided free advice to more than 2,200 people to help them rebuild stronger homes.

The deadline for Tennesseans to apply for FEMA assistance after the storms was Feb. 12 but Tennessee Emergency Management Agency and FEMA continue helping survivors and communities recover from the disaster. Residents who applied and have questions about FEMA assistance can call toll-free 800-621-3362 and a FEMA specialist can assist them.

BNA preps high-volume spring break activity

In anticipation of heightened passenger traffic for spring break, Nashville International Airport will ramp up parking and valet staffing, expand access to Economy Lot C’s lower surface for an extra 1,050 parking spaces, and coordinate with the Department of Public Safety (DPS) to manage traffic flow during peak periods. Furthermore, the Transportation Security Administration (TSA) will deploy an additional 25 screening agents to enhance security checkpoint efficiency.

Travelers are encouraged to follow the below tips to ensure a smooth and seamless travel journey:

• Take advantage of new short-term parking. Visitors coming to retrieve family or friends are encouraged not to circle Terminal Drive continuously. Instead, they are offered the choice of complimentary or reduced-rate parking in the terminal garages, with rates varying based on duration of stay.

• Utilize the new cell lot at 1415 Murfreesboro Pike, which remains a free option for drivers awaiting the arrival of their passenger. The new lot provides digital signage that displays real-time updates on incoming flights.

• Sign up for BNA text alerts for updated traffic information.

• Take alternate routes to BNA. Familiarize yourself with all the routes to BNA – such as 216A, 216B and Murfreesboro Pike – especially during heavy travel periods.

• Arrive early. Allow plenty of time to park, check in and get to your gate.

• Allow extra time for parking. BNA has six parking options to choose from. If parking in valet, passengers coming from I-40 will only be able to access this area from Exit 216B.

Zillow: Buyers need 80% more income than 2020

Home shoppers today need to make more than $106,000 to comfortably afford a home, a new Zillow analysis finds. That is 80% more than in January 2020, showing how the math has changed for hopeful buyers, who are more often partnering with friends and family or “house hacking” their way to homeownership.

In 2020, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment. That was below the U.S. median income of about $66,000, meaning more than half of American households had the financial means to afford homeownership.

Now, the roughly $106,500 needed to comfortably afford a typical home is well above what a typical U.S. household earns each year, estimated at about $81,000.

The study finds homebuyers in the Nashville area now need $128,535 for the same affordability, up more than $59,500 since 2020.

A monthly mortgage payment on a typical U.S. home has nearly doubled since January 2020, up 96.4% to $2,188. Home values have risen 42.4% in that time, with the typical U.S. home now worth about $343,000.

Jan. unemployment increases 0.1% to 3.5%

Tennessee started the new year with little movement in its seasonally adjusted unemployment rate. New data from the Department of Labor and Workforce Development (TDLWD) showed the statewide jobless number inched up only 0.1% to 3.5%. December’s revised rate was 3.4%.

In a year-to-year comparison, the statewide unemployment rate increased by 0.1%.

Employers added a healthy number of new jobs across the state between December and January. There were 9,900 new nonfarm jobs created month to month, and the largest increase came in the professional and business services sector. The trade, transportation, and utilities sector had the second-largest number of new jobs, followed by the manufacturing sector.

In a year-to-year comparison, there were 4,900 new nonfarm jobs created. The education and health services sector accounted for the largest percentage of those new jobs.

The leisure and hospitality sector had the second-biggest gain in employment, followed by the trade, transportation and utilities sector.

Nationally, the seasonally adjusted unemployment rate remained unchanged at 3.7%. That number was 0.3% higher than the January 2023 statistic.

Study shows state’s uninsured rate steady

The latest analysis of the 2024 Tennessee Child Health Poll has found that the proportion of uninsured children in Tennessee held steady from the 2023 poll, and the rates of mental health diagnoses and associated concerns from Tennessee parents remain high.

The annual poll conducted by the Vanderbilt Center for Child Health Policy has found that 4.5% of Tennessee children lack health insurance, showing a steady decline from a peak of 9% in 2020.

About 41% of parents said their child was insured through TennCare, the Tennessee Medicaid program, when the poll was fielded in late 2023, down from 46% in 2022. Children covered through employer-based or private insurance coverage increased from 51% to 54% from the 2023 to 2024 polls.

In 2022, Congress ended a federal requirement instituted during the pandemic that required states to keep Medicaid participants continuously enrolled during the public health emergency. In the spring of 2023, states began redetermining eligibility after the continuous enrollment requirement ended.

The poll also found that nearly 1 in 3 Tennessee children had a mental health diagnosis, including 17% diagnosed with anxiety and 10% with depression. Rates of anxiety and depression have risen steadily since the Center began polling five years ago.

Still, while mental health diagnoses have become increasingly common, access to mental health treatment remains a challenge for Tennessee children. Overall, only 55% of children with mental health diagnoses reported receiving treatment services, with less than half of those diagnosed with anxiety (47%) or depression (39%) receiving treatment.

HCA named among most ethical companies

HCA Healthcare, Inc., one of the nation’s leading health care providers, has been recognized as one of the 2024 World’s Most Ethical Companies by Ethisphere, a global leader in defining and advancing the standards of ethical business practices.

HCA Healthcare has been recognized 14 times and is one of only four honorees in the Healthcare Providers category this year.

Ethisphere’s World’s Most Ethical assessment is grounded in their Ethics Quotient, which requires companies to provide over 200 proof points on their culture of ethics, including environmental, social and governance practices, ethics and compliance program, diversity, equity and inclusion efforts and initiatives that support a strong value chain.

That data then undergoes further qualitative analysis by Ethisphere. The process serves as a framework to capture and codify leading ethics and compliance practices from organizations across industries and from around the world.

Kanbrick announces $220M capital raise

Kanbrick, a long-term investment partnership focused on family and founder owned companies, announced it has raised $220 million in capital. With this raise, Kanbrick is excited to have a leading group of long-term investors and business leaders as partners.

The group makes majority and minority investments in consumer, industrial and business services companies that have $5-$50 million in EBIT. Kanbrick focuses on partnering with the owners of closely held businesses to protect and enrich their legacy, accelerate growth, and diversify their wealth.

“We’ve found that many family and founder-owned businesses are looking for an alternative to traditional private equity,” said Kanbrick co-founder Tracy Britt Cool. “They want a long-term partner who specializes in navigating the unique opportunities and challenges they face.”

Kanbrick has two platform partnerships to date: JM Test Systems, a third-generation calibration services company founded by the Morrison family, and Marine Concepts, a boating enthusiast brand whose founder Randy Kent invented a product that quickly covers boats, as well as a minority investment in Thirty-One Gifts.

The partnership also supports mid-size companies across America through the Kanbrick Community, an invitation-only group of owners and executives of mid-size companies, dedicated to continuous learning, growth and improvement.