Tennessee Senate Bill SB0837

Tennessee 2023-2024 Regular Session

• Introduced: 1/30/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 4, relative to tax credits.

Impact

The bill establishes a rigorous framework to define eligible organizations that can benefit from these tax credits, including requirements regarding their nonprofit status, operational hours, and reliance on federal funding. This could significantly impact the availability of funding for pregnancy resource centers, thereby influencing their operations and outreach. Additionally, the bill limits the total available tax credits to five million dollars annually, which establishes a cap on the potential financial impact on the state’s tax revenue. This limitation serves to balance the benefits conferred by the tax incentive with the fiscal responsibilities of the state.

Summary

Senate Bill 837, known as the 'Pregnancy Resource Tax Credit Act', aims to amend the Tennessee Code Annotated by introducing a new part to Title 67, Chapter 4 that provides specific tax credits to businesses. Under this act, businesses making monetary contributions to eligible charitable organizations, primarily pregnancy centers and residential maternity facilities, can receive tax credits against their business, excise, and franchise taxes. This initiative appears to be focused on supporting organizations that assist women to carry their pregnancies to term while promoting low-cost or no-cost services related to childbirth and parenting.

Contention

Points of contention surrounding SB0837 may include debates on the implications of state support for particular types of organizations, especially concerning their stances on reproductive health and abortion services. Critics may express concerns that such provisions could prioritize certain ideological beliefs over comprehensive healthcare services for women. Additionally, discussions might arise regarding whether the bill effectively supports the intended beneficiaries or whether it might inadvertently restrict access to a broader range of healthcare options. The bill’s impact on the state's regulatory landscape concerning charitable organizations could also be a focal point of contention among various stakeholders.