Gov. Haslam signs Tennessee gas tax bill into law

WKRN

NASHVILLE, Tenn. (WKRN) – Tennessee Governor Bill Haslam signed the IMPROVE Act into law Wednesday afternoon.

The law that brings the state of Tennessee’s first gas tax hike since the 1980s goes into effect July 1.

According to the governor’s office, the legislation cuts nearly $300 million in taxes next year and more than $500 million annually at its full implementation.

The tax cuts include a 20 percent decrease in the sales tax on groceries that equals $125 million and a $113 million reduction in business taxes on manufacturers.

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