The FONCE Is Dead

By Kleinheider Posted on May 14, 2008 at 7:00 pm

Fifteen million dollars worth of “technical correction” just went out the window according to John Rodgers:

The provision would have eliminated a tax break for commercial real estate holdings of Family Owned Non-Corporate Entities, or FONCEs. A limited liability company is a non-corporate entity.

Business lobbyists and some like-minded lawmakers have targeted that section of the Bredesen administration’s so-called “technical corrections bill,” saying it would be a tax increase on some small businesses.

The administration says it would only hurt wealthy families.

But apparently the business lobby won the fight as the provision was taken out of the technical corrections bill today.

SEE ALSO: Whitehouse on FONCE
Tom Humphrey
WPLN
Andy Sher

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Tags: Budget, family corporations, FONCE, Phil Bredesen, Technical Corrections Bill, Tennessee  

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