Thursday, January 19, 2017

Gas and diesel fuel tax likely to increase
Gas prices in Tennessee could soon go up, but the price increase is designed to fund a major road building program across the Volunteer State. Governor Bill Haslam has proposed a 7 cent per gallon gas tax hike, and If passed, it would be the first gas tax hike since 1989. Haslam said the 7 cent increase would generate an estimated $278 million a year in new transportation funding. That would help to cut into the state's $6 billion backlog in transportation projects. But to offset the tax hike, the governor is proposing to cut taxes on groceries, manufacturing companies who invest in the state, and people earning income from stocks and bonds. "We have traditionally paid for roads in Tennessee by the people who use those roads, and it's important that we keep doing that," Haslam said. "It's important that we have a road plan that can address the real needs that we have." The governor's road funding plan would also: Raise the tax on diesel by 12 cents per gallon. Increase car registration fees by $5. Add a 3 percent charge on cars rented in Tennessee Charge electric vehicles $100 per year to drive on Tennessee roads and charge higher taxes for vehicles running on natural gas. his plan would also allow cities to hike their local sales tax to pay for mass transit projects.


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