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LOWE FINNEY

SENATOR 27TH SENATE DISTRICT


317 WAR MEMORIAL BUILDING NASHVILLE, TENNESSEE 37243-0025 (615) 741-1810 (615) 253-0179 fax

DEMOCRATIC CAUCUS CHAIR COMMITTEES

DISTRICT ADDRESS: 312 EAST LAFAYETTE STREET JACKSON, TENNESSEE 38301 (731) 424-0461 (731) 424-0562 fax

Tennessee State Senate


NASHVILLE

FINANCE, WAYS AND MEANS JUDICIARY HEALTH AND WELFARE

Nov. 15, 2013 Commissioner Richard Roberts Tennessee Department of Revenue Andrew Jackson Building 500 Deaderick St. Nashville TN 37242 Commissioner Roberts: During last years 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 contracts, to protect taxpayers if companies dont create the jobs promised in exchange for tax incentives. I am deeply troubled by the findings of a recent comptrollers audit, which found that the Department of Revenue could not provide evidence that companies audited complied with state law. Im 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.
sen.lowe.finney@capitol.tn.gov

The names of any companies to which we owe tax credits that have indicated no more new jobs will be created, as well as the dollar amount.

Such a review is necessary not only to protect taxpayers, but to determine the effectiveness of our states job tax credit program. Thank you for your attention to this matter. Please let me know if you have any questions, or if I or my staff can assist you in any way. I remain, Respectfully yours,

State Sen. Lowe Finney CC: Senate Finance Committee Chairman Randy McNally

sen.lowe.finney@capitol.tn.gov