Post by CMF Newsman on Apr 12, 2012 13:26:25 GMT -5
The House has voted to begin phasing out Tennessee's inheritance tax and to lower the state's sales tax on groceries.
The chamber voted 88-8 on the estate tax measure Thursday, and 96-0 to cut the food tax from 5.5% to 5.25%.
Republicans hailed the estate tax cut as a way to keep retirees from moving out of state, while Democrats argued that the tax cut on groceries affects a far larger number of people.
Both measures were part of Republican Gov. Bill Haslam's legislative agenda this year.
www.wrcbtv.com/story/17395409/tenn-house-passes-tax-cuts-on-groceries-estates
The chamber voted 88-8 on the estate tax measure Thursday, and 96-0 to cut the food tax from 5.5% to 5.25%.
Republicans hailed the estate tax cut as a way to keep retirees from moving out of state, while Democrats argued that the tax cut on groceries affects a far larger number of people.
Both measures were part of Republican Gov. Bill Haslam's legislative agenda this year.
www.wrcbtv.com/story/17395409/tenn-house-passes-tax-cuts-on-groceries-estates