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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 This material may not be published, broadcast, rewritten or redistributed.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 86 393 21,159
MORTGAGES 94 424 24,785
FORECLOSURE NOTICES 0 93 8,703
BUILDING PERMITS 173 1,010 43,347
BANKRUPTCIES 52 292 14,194
BUSINESS LICENSES 15 90 6,491
UTILITY CONNECTIONS 28 167 13,678
MARRIAGE LICENSES 12 89 5,158

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