• Tennesseans Can Expect Gas/Diesel Tax Increase in July
  • May 22, 2017 | Author: Nicole Osborne
  • Law Firm: Chambliss, Bahner & Stophel, P.C. - Chattanooga Office
  • You have reached your final destination! The IMPROVE Act/Tax Cut Act of 2017 was signed into law by Gov. Haslam on Wednesday, April 26.
    The act passed in both the House and the Senate last week, but they passed differing versions of the bill. So the Senate version, which included property tax relief for disabled veterans and some elderly individuals, was sent to the House this week for concurrence adoption. Well, the House had already introduced a separate, standalone bill allowing for this property tax relief. Some House members really didn't like the property tax relief being attached to the Senate's version of the IMPROVE Act, but they ultimately accepted it. The incremental gas/diesel tax increase will begin in July. End of the road.

    Budget Update:
    Gov. Haslam didn't have a Jerry Maguire moment this week when his 2017-2018 budget amendment was introduced to the Legislature, but he did SHOW US THE MONEY! The governor's supplemental appropriations amendment does not add any new debt but includes taking $55 million for transportation projects out of the general fund, allots $10.65 million for disaster relief for Gatlinburg and Sevier County in the aftermath of last fall's wildfires, and designates $11 million for the film industry. He also proposed to add $132 million to the rainy day fund by June 2018. This budget amendment, as well as amendments proposed by legislators, will be considered next week with the goal to have a final proposed budget by the end of next week. Cha-Ching!