Hall Tax Debate this Week, Haslam Warns of Shortfalls

Ongoing efforts to reduce or eliminate the State’s 6% tax on interest and dividend income is up for debate this week in the General Assembly. A variety of bills have been introduced to abolish the Hall income tax. Gov. Bill Haslam says he favors phasing out the tax, but he says lawmakers need to address income shortfalls resulting from cutting that revenue stream. Many city and county governments also count on income from the state-shared tax. Bills to abolish or restrict the tax will be considered by the Senate Finance, Ways and Means Committee this week.

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