NASHVILLE, Tenn. (AP) - Gov. Bill Haslam says he doesn't plan to eliminate Tennessee's estate tax and Hall income tax despite efforts by several Republican lawmakers to kill the measures because they believe they're hurting the state's economic development.
The Republican governor told The Associated Press that both taxes are bad for the long term because they "chase capital away from the state."
However, he said Tennessee is still in tough economic times and he doesn't have a way to replace that revenue.
While the Hall tax isn't a major source of revenue for the state government, many local governments depend on it for a big portion of their budgets.
Nevertheless, Republican Senate Caucus Chairman Bill Ketron of Murfreesboro has said he would like to eliminate both taxes.
