Haslam: Hall tax break competes with other budget priorities
NASHVILLE, Tenn. (AP) — Republican Gov. Bill Haslam says he agrees with critics of the state's Hall income tax on earnings from stocks and bonds but argues that the state must balance efforts to do away with the levy with other funding needs in areas like education, roads and health care.
Proposals to get rid of the Hall tax are perennial favorites in the state Legislature, but they mostly run aground on concerns about lost revenues.
An early bill filed by Republican Sen. Brian Kelsey of Germantown seeks to redirect surplus budget revenues to make up for abolishing the Hall tax. He would also have the state reimburse local governments for losing their share of the collections.
Haslam joked that various plans for the surplus would see it spent several times over.