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VOL. 41 | NO. 14 | Friday, April 07, 2017

24 companies would reap half of tax savings in Haslam plan

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NASHVILLE (AP) — Twenty-four large companies would reap about half of the savings of a $113 million corporate tax cut proposed by Republican Gov. Bill Haslam's administration.

The Chattanooga Times Free Press obtained (http://bit.ly/2oj6TzR) a Haslam administration analysis that stated a total of 518 companies would qualify for the tax reduction that is part of a package of cuts the governor wants to make to balance a planned hike in the state's tax on gas and diesel.

Under Haslam's plan, the state would also cut the sales tax on groceries by 20 percent and reduce the tax on earnings from stocks and bonds.

Haslam argues that cutting the franchise and excise taxes will encourage more companies to build plants or expand in Tennessee.