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Letter from Sen. Finney re: audit of job tax credits

Letter from Sen. Finney re: audit of job tax credits

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Published by TNSenateDems
Letter From Sen. Finney to Commissioner Richard Roberts re: the comptroller's audit of the job tax credits program.
Letter From Sen. Finney to Commissioner Richard Roberts re: the comptroller's audit of the job tax credits program.

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Published by: TNSenateDems on Nov 18, 2013
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11/18/2013

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sen.lowe.finney@capitol.tn.gov
 
Nov. 15, 2013
 
Commissioner Richard Roberts
 
Tennessee Department of Revenue
 
Andrew Jackson Building
 
500 Deaderick St.
 
Nashville TN 37242
 
Commissioner Roberts:
 
During last
year’s legislative session, the General Assembly unanimously passed SB
0605, a bill I sponsored that directs the Department of Economic and Community
Development to include “claw back” provisions in all contr
acts, to protect taxpayers if
companies don’t create the jobs promised in exchange for tax incentives. I am deeply troubled by the findings of a recent comptroller’s audit, which found that the Department of Revenue “could not provide evidence that compa
nies audited
complied with state law.” I’m sure you agree that this is more than a bookkeeping
issue
 it is a critical safeguard for taxpayers any time the state provides tax credits to private companies whether in the form of rebates or abatement.
 
I respectfully request that you prepare for the Senate Finance Committee a review of the 27 companies that have received job tax credits that were audited between Jan. 1, 2010 and June 30, 2012 to determine whether companies are indeed creating the very jobs they promised in exchange for tax incentives, as well as a review of the 39 companies who received exceptions during that period. Please provide us with the following:
 
 
The names of the companies, when they applied for tax credits and the number of jobs originally promised.
 
 
For each company, the number of jobs created and whether they still exist today.
 
 
For those companies that received exceptions, the specific exceptions granted.
 
 
The names of the companies to which we still owe tax credits and the dollar amount.
 
LOWE FINNEY
SENATOR 27
TH
 SENATE DISTRICT
317 WAR MEMORIAL BUILDING NASHVILLE, TENNESSEE 37243-0025 (615) 741-1810 (615) 253-0179 fax DISTRICT ADDRESS: 312 EAST LAFAYETTE STREET JACKSON, TENNESSEE 38301 (731) 424-0461 (731) 424-0562 fax
Tennessee tate enate
 
NASHVILLE
DEMOCRATIC CAUCUS CHAIR COMMITTEES
FINANCE, WAYS AND MEANS JUDICIARY HEALTH AND WELFARE

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