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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 This material may not be published, broadcast, rewritten or redistributed.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 96 201 14,244
MORTGAGES 110 219 16,523
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 147 315 29,476
BANKRUPTCIES 54 117 9,440
BUSINESS LICENSES 22 44 4,647
UTILITY CONNECTIONS 47 101 10,336
MARRIAGE LICENSES 21 55 3,407

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