NASHVILLE — While there is a strong inclination among Republican legislators to do something toward reducing or eliminating the state's tax on investment income this year, there seems no consensus at all on what that something should be.
As an illustration of the indecision, a subcommittee of the Senate Finance Committee, charged with reviewing tax bills, last week recommended passage of seven different proposals involving the Hall Income Tax. They vary substantially, ranging from total repeal to giving modest reductions in tax liability to disabled veterans in one case and to senior citizens in another.
Besides approving seven conflicting proposals, the panel also pulled back to committee a proposal approved earlier by both the Revenue Subcommittee and the full Senate Finance Committee so that it could be amended. Senate Finance Committee Chairman Randy McNally, R-Oak Ridge, says that measure — SB47, sponsored by Sen. Mark Green, R-Clarksville — could become a vehicle for some sort of compromise with further tinkering.
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