UPDATE: Gov. Haslam signs gas tax bill; goes into effect July 1 - WRCBtv.com | Chattanooga News, Weather & Sports

UPDATE: Gov. Haslam signs gas tax bill; goes into effect July 1

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TN Gov. Bill Haslam. AP photo TN Gov. Bill Haslam. AP photo

UPDATE: Governor Haslam signed the gas tax bill into law.

The law will increase the gas tax by 6 cents over a three-year period. It also lowers taxes on groceries and provides property tax relief for veterans and the elderly.

The gas tax bill goes into effect on July 1.

Associated Press

NASHVILLE, Tenn. (AP) - The Tennessee House has voted to put the finishing touch on months of work on Gov. Bill Haslam's bill that increases the gas tax to fund roadwork and cuts other taxes.

The House cast a 67-21 final favorable vote Monday, which lets the Republican governor soon sign the bill into law.

Both chambers passed the bill Wednesday, but left a property tax break for disabled veterans unresolved.

Senators amended the legislation to increase property tax relief to disabled veterans to up to $175,000 in property value, from the current $100,000.

The House adopted that change and passed the bill a final time Monday.

The bill also cuts sales tax on groceries, corporate taxes on manufacturers and tax on earnings from stocks and bonds.

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