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Gov. Bill Haslam meets with lawmakers in Sparta, Tenn., on Thursday, Jan. 29, 2015, about his proposal to extend health coverage to 280,000 low-income Tennesseans. A special session to take up the matter is scheduled to begin on Monday. (AP Photo/Erik Schelzig)

NASHVILLE - Tennessee Chamber of Commerce and Industry officials are eyeing Gov. Bill Haslam's proposed Revenue Modernization Act, unveiled Monday in the Republican's State of the State address.

In a statement, Tennessee Chamber President Catherine Glover said the group "has begun its review of Gov. Haslam's proposed budget, as well as a number of proposed business-targeted tax changes. On behalf of our members, the Tennessee Chamber is determining their overall economic impact on our state.

"That said, we applaud the educational initiatives proposed to support the continued goal of preparing the most ready, stable and consistent workforce via education reforms and high standards," Glover added. "Overall, we believe that the general direction of conservative principles the budget is based on is sound."

 The administration says tax bill is intended to close sales tax and other loopholes for out-of-state businesses that put in-state companies at a disadvantage.

It also would bring the state an additional $20 million in new revenue annually.

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