FONCE Is Not Cool

By Kleinheider Posted on December 10, 2008 at 9:52 am

So says the Lieutenant Governor who will oppose any efforts by the Bredesen administration to close off tax breaks available to certain family owned businesses:

“Tell those people who are paying the $45 million that all he (Bredesen) is doing is plugging a loophole,” the lieutenant governor said. “He’s raising their taxes.”

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Tags: FONCE, Phil Bredesen, Ron Ramsey  

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