By Gary Pitts/Release
Murray, KY – Tennessee state lawmakers plan to forge ahead on efforts to reduce the state's tax on interest and dividends, called the Hall Income tax. That's despite Governor Bill Haslam's concerns the state's economic situation isn't healthy enough to make up for the lost revenues. Republican Senate Speaker Ron Ramsey says he wants to take an incremental approach to getting rid of the Hall income tax. Lawmakers took a first step last session by expanding a tax exemption for seniors, projected to cost the state about $1.75 million dollars. Tennessee collected about $189 million dollars in Hall income taxes in the last budget year. About a third of the money is sent back to the governments of the counties and cities where those who paid the tax live.