The Tennessee Society of CPAs organized an annual visit to the state capital in Nashville to visit legislators and call on them to make changes in state laws.
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The main demand came in response to last year’s passage of the One Big Beautiful Bill Act in Congress, with state CPAs asking lawmakers to pass a bill known as HB 0477/SB 0032 to align the tax rules for bonus depreciation with those in the OBBBA. The bill is supported by both the TSCPA and the Tennessee Chamber of Commerce. The OBBBA restored 100% bonus depreciation for most property acquired and placed in service after Jan. 19, 2025 after it had been temporarily phased out under the Tax Cuts and Jobs Act.
“Due to changes resulting from the One Big Beautiful Bill Act, Tennessee’s treatment of bonus depreciation is no longer coupled with federal treatment, which creates unnecessary complexity for Tennessee taxpayers,” said TSCPA president and CEO Kara Fitzgerald in a statement. “This legislation would align the state’s bonus depreciation provisions with federal law, allowing Tennessee businesses to focus on growth and investment.”
This marks the fourth year the TSCPA has held its Day on the Hill event in Nashville. Tennessee CPAs also visited lawmakers to thank them for supporting the state’s Less Is More Act, which was signed into law last April and expanded the paths to CPA licensure in the Volunteer State.
The attendees met with over 30 lawmakers and officials Wednesday, including Lt. Gov. Randy McNally, Speaker of the House Cameron Sexton, Government Operations Committee Chair Justin Lafferty, House Majority Leader William Lamberth and Senate Majority Leader Jack Johnson. In addition, the CPAs met with Tennessee Comptroller of the Treasury Jason Mumpower, Commissioner of the Tennessee Department of Revenue David Gerregano, and Deputy Director of the Tennessee Comptroller’s Division of Investigations Christy Tennant.
“One of TSCPA’s goals is to be a resource for state lawmakers on business and tax matters, as our members possess a unique combination of financial and analytical skills that can assist with the review of legislation,” Fitzgerald stated. “Day on the Hill is a way for TSCPA members to impact not only the accounting profession in our state but also Tennessee’s business environment as a whole.”
