Audit finds records missing in Tennessee tax break program - WRCBtv.com | Chattanooga News, Weather & Sports

Audit finds records missing in Tennessee tax break program

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NASHVILLE (AP) - An audit says some records are missing to vet state tax credits for companies that locate national, regional or state headquarters in Tennessee.

According to the Chattanooga Times Free Press , the Revenue Department's Division of State Audit found three credits worth $1.6 million for three companies lacked evidence that invoices were reviewed to support approval of credits.

Revenue officials say they thought the invoices could be destroyed.

The audit says some credits didn't meet requirements to qualify as tangible personal property.

Additionally, the comptroller's audit says Revenue's audit division didn't formalize policies for tax credit approval and documentation.

Revenue officials contend their records show the credits qualified as tangible personal property and tax auditors reviewed other documents to confirm it.

Revenue management says the companies still have the destroyed records.

Information from: Chattanooga Times Free Press, http://www.timesfreepress.com

Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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