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Daily Dose for July 02, 2008
Bredesen Says Piggyback Tax-Breaks Could Attract Major Industry
Bredesen Says Piggyback Tax-Breaks Could Attract Major Industry -- Gov. Bredesen has said that a major economic incentive program could help lure big investments to Tennessee. The change allows state recruiters to grant enhanced job-tax credits to suppliers locating near and providing parts solely to a manufacturer making a $1B or greater investment in Tennessee. Volkswagen is expected to meet that investment requisite if they choose to build an auto assembly plant in Chattanooga. Bredesen says while the plant is important, the smaller industries that pop up to service the larger plant could be just as valuable - and the new economic incentive allows these smaller businesses to piggy-back on the larger investment for tax breaks. State Revenue Commissioner Reagan Farr said the new incentive allows a company investing $1B to designate “integrated” suppliers locating near the firm’s new plant to qualify for the same credit for creating new jobs. Bredesen: "If we’re successful in getting another major auto manufacturer in the state, I also want to make sure we’re then reaching out. The next step of that is to get lots of suppliers to supply, to locate in the state as well."
AT&T Putting $400M in Statewide Cable Franchise -- The day the bill authorizing a statewide cable franchise was put into place, AT&T applied for the franchise and said it plans on investing $400M to offer its television services to 56 cities and unincorporated areas in 29 counties within two years. That includes all the major metros. The new law includes a build-out requirement that seeks to prevent companies from only serving the wealthiest areas. Under the new law, AT&T will have 3 1/2 years to make service available to at least 30% of the households in their franchise area - and 25% of those have to be low-income.
Campaign Heats Up for Briley's Seat -- Mike Stewart has out raised his primary competitor Eric Stansell for State Rep. Rob Briley's contested seat by almost six-times. Stewart received $65,643, 40% of which was from fellow attorneys at his law firm. His opponent, Eric Stansell, has raised just $11,595, including an $8,100 loan from himself. Stewart has spent $14,356.42 so far on his campaign, compared with Stansell, who has spent $6,317.62. The campaign wraps up following the Democratic primary, because no Republican qualified for the race.
TDOT: No Construction on 4th -- Tennessee Department of Transportation said it is halting all road construction at 6 a.m. Thursday and it won’t resume until after midnight July 6 to clear the roads for the holiday. Transportation Commissioner Gerald Nicely said officials don’t want travelers sitting in work zones with gasoline cost at a record high.
Ragsdale Ouster Lawsuit Mulled -- Two County Commissioners are still mulling whether they have enough envidence to proceed with a lawsuit to ouster Knox Co. Mayor Mike Ragsdale. The lawsuit was turned over to William Bright, a Memphis lawyer called into review Ragsdale's p-card spending. Bright and a team of experts on the issues will be established to determine if there are charter violations or criminal acts which would result in an ouster. The State Comproller has also been called to be involved in the investigation. Dwight Van de Vate, spokesman for the Mayor, said he was glad outside parties were involved and confident in the State Comptroller.
Former Hamilton Co. Sheriff Asks for Reduced Sentence -- Former Hamilton Co. Sheriff Billy Long asked for a reduced sentence under the minimum of 10-years he is facing for his role on federal extortion charges. Attorneys for Long argued that he has no criminal record, there was no violence or threat used, he was not a leader in a criminal conspiracy, and the only weapon involved was his service revolver and it was kept in his truck.
