Knoxville businessman Scott Schimmel has joined small business owners from the country on the National Small Business Advisory Board for the Alliance for Main Street Fairness.
The alliance is an advocacy group lobbying for passage of a federal law closing the loophole that allows online-only retailers avoid collecting sales tax.
The Marketplace Fairness Act has passed the Senate and now awaits action by the House. Passage by the Republican-dominated House is not guaranteed, but the bill does have some measure of bipartisan support.
Tennessee Republican Sens. Lamar Alexander and Bob Corker both support the bill. As does Tennessee Gov. Bill Haslam, who sees the bill as a way to increase tax revenue without adopting new taxes.
Click here for more on the Alliance for Main Street Fairness.
Amazon.com knows it should be collecting sales taxes on purchases in Tennessee and othere states where it has an office, store or any physical presence. A deal the online retailer has offered Texas proves it.
Amazon has promised to create 5,000 jobs and invest $300 million in new distribution centers in Texas if the state lets the company “off the hook for collecting sales taxes from its Texas customers over the next 4 ½ years,” according to The Dallas Morning News.
Presumably, the company would start collecting sales tax after 4 ½ years.
Governors looking to boost job creation in their states should cultivate industry clusters that focus on existing businesses and home-grown start-ups, says a Brookings Institution report released on Wednesday.
Old economic development strategies — tax credits, research and development, training programs, and physical infrastructure — won’t by themselves get it done in today’s post-recession environment, according to the report, Job Creation on a Budget.
Tennessee’s business recruitment effort has had a good run in the last few years under the leadership of Gov. Phil Bredesen.
Volkswagen’s new billion-dollar manufacturing complex in Chattanooga is nearing completion. Wacker Chemie AG plans to invest $1 billion in Bradley County and Hemlock Semiconductor expects to spend as much as $2.5 billion on a new plant in Clarksville, just to name a few of the state’s big scores.
For those who track these things, the city of Knoxville’s credit rating was boosted today to Aa1 from Aa2 by Moody’s Investors Service, the city announced.
That’s the second highest rating available and “the third year in a row that one of the three major bond rating agencies — which provide information to investors — has either upgraded or affirmed the city’s credit rating, the release says.