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VOL. 127 | NO. 82 | Thursday, April 26, 2012

Haslam's Spending Plan Headed to Senate Floor

AP

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NASHVILLE (AP) – Gov. Bill Haslam's more than $31 billion spending proposal is headed for a vote on the Senate floor.

Members of the Senate Finance Committee approved the plan 10-0 Tuesday night. It's expected to be voted on Wednesday.

The plan seeks to phase out Tennessee's inheritance tax and lower the state's sales tax on groceries.

The inheritance tax currently applies to estates worth more than $1 million, and was paid by 845 estates in the last budget year. Haslam's plan would bump that exemption up to $1.25 million next year and to $5 million by 2016.

The sales tax on food would be cut from 5.5 percent to 5.25 percent.

The proposal also calls for raises for state employees and more spending on construction on college campuses.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 58 191 6,775
MORTGAGES 140 344 12,588
FORECLOSURE NOTICES 23 67 2,874
BUILDING PERMITS 199 386 17,166
BANKRUPTCIES 56 201 7,012
BUSINESS LICENSES 17 65 2,307
UTILITY CONNECTIONS 71 311 9,241
MARRIAGE LICENSES 24 74 1,991

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