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Gov. Bill Haslam has signed a bill into law that will phase out the state's Hall tax on earnings from stocks and bonds.
The law reduces the tax by 1 percentage point in the first year and then requires future reductions to eliminate the tax altogether by 2022.
Haslam signed the bill Friday despite his administration's earlier concerns about the measure for requiring the future cuts regardless of how the state's economy performs.
The initial cut amounts to a 17 percent reduction for Hall tax payers. The change is projected to cause a loss of $28 million in state revenues, plus another $15 million from the communities where the tax is collected.
Some mayors of have warned warn they will have to try to make up the revenues elsewhere.
AAA projects more than 38 million Americans will travel this Memorial Day weekend. That would be the second-highest Memorial Day travel volume on record and the most since 2005. The Memorial Day travel period is Thursday, May 26th through Monday, May 30th. An estimated 38,033,000 Americans will travel 50 miles or more. The growth is led by the lowest gas prices in 11 years and a strong labor market. AAA projects 33.9 million Americans will drive. 2.6 million will fly.
NASHVILLE --- The 2016 National Safe Boating Week is May 21-27 and the Tennessee Wildlife Resources Agency will be participating to promote the wear of life jackets as the summer boating season begins. The Wear Your Life Jacket to Work Day is Friday, May 20 with the goal of demonstrating how easy it is to wear a life jacket. Participants wear a life jacket to work, demonstrating how easy to wear one, even while at work. Those who wear a life jacket to work are asked to have a photograph taken and email it to firstname.lastname@example.org. Group photos are also welcome. On Saturday, May 21, Ready, Set, Wear It! will enter its seventh year in trying to bring awareness on the importance of life jacket wear by holding a world record day. The worldwide event kicks off the start of National Safe Boating Week. Participants will be part of the attempt to break a world record for the most life jackets worn at one time. Both events help usher in National Safe Boating Week which is annually held the week prior to Memorial Day Weekend. Boating partners across the United States and Canada are teaming to promote safe boating practices, including the wear of life jackets for National Safe Boating Week and throughout the 2016 boating season. The goal of National Safe Boating Week is to educate the public about the importance of safe boating practices and wearing life jackets while on the water.
Renovations at Fall Creek Falls State Park are complete. These updates were made to the Village Green pool area, with new features that include ADA accessible ramps to the pool, updates to the amphitheater, a revamped snack bar, and renovated bathhouse and restrooms. Tennessee State Parks leaders and community members celebrated these renovations with a ribbon-cutting ceremony. (Photo Courtesy TDEC)
As in years past, scammers are again targeting local resident's phones and email as a source of information and revenue. Reports are being made in reference to the receipt of bogus IRS phone calls and refund emails. The emails are designed to look official and even have the IRS logo, which isn't hard to find. They contain a link requesting the recipient to "Click here to deposit your tax refund directly to your bank account".
The link will likely allow access to information on your computer, or take you to a fake bank site requesting your banking information. Don't fall for it! When was the last time you were notified by the IRS that they had done your taxes for you and that, with no effort on your own part, they had thousands of dollars to give you? These are fake and should be deleted immediately!
The phone calls are again claiming to be representatives from the IRS and are completely fake. Hang up immediately. The IRS will send letters, not phone calls or e-mails. A few people, who have returned calls to the numbers, were answered by what sounded like a call center in India. This might work for some scams, but the I.R.S. likes to handle their own calls. If you get one of these calls, hang up immediately. They are just fishing! If you do get scammed by one of these calls or emails and lose money, contact your local law enforcement agency.