NASHVILLE (AP) — Economic and Community Development Commissioner Randy Boyd says Gov. Bill Haslam's proposal to reconfigure corporate taxes will help Tennessee land more manufacturing investments.
Haslam is calling for a $113 million cut in corporate taxes as part of an effort to balance against raising the state's gas and diesel taxes to help pay for an ambitious road program.
Boyd says Tennessee last year lost a $500 million investment with 1,000 jobs at the Memphis Regional Megasite because of Tennessee's tax structure. Boyd did not name the company, but the project fits the description of Chinese tire maker Sentury's announced investment in LaGrange, Georgia, in September.
And Boyd says Chattanooga area-based McKee Foods, maker of Little Debbie snacks, chose to expand in Virginia because "they can't afford to grow in Tennessee because of our taxes."