The Tennessee legislature just passed a $4.2 billion property tax increase, the largest in the state since the 1970s, and many people are freaking out about it.
Property tax rates across the state have gone up more than 50 percent since 2010, and this tax hike comes at a time when many people who need to pay the tax are struggling.
Many are worried that this tax increase will lead to more layoffs at the state level.
But the Tennessee legislature didn’t just pass a tax increase that will increase property taxes.
Instead, they passed a bill that will create an extra $200 million in state revenue to pay for the hike.
This new revenue will be used to increase local school funding and provide money for the state transportation infrastructure.
These types of revenue increases are part of a package of new tax cuts that were signed into law last week, including a $10 billion infrastructure investment package.
The money will go to Tennessee’s transportation and other infrastructure needs, but some lawmakers are worried about the impact on the state economy.
They argue that this extra revenue will lead many businesses to close their doors.
Many businesses have closed their doors because they are losing money, and the revenue that comes from this tax bill is going to make up for it, said Rep. John L. Williams III (R-Tenn.), who sponsored the bill.
Williams said that businesses would be able to find more jobs because they would get more of the money that was allocated to the state by Congress.
He added that he was optimistic that this money would go a long way in helping the state rebuild, and that he would encourage state leaders to look at new taxes in the future.
The state already has a surplus, and it’s expected that this new tax bill will help to pay off that surplus.
The Tennessee House passed the tax bill after weeks of negotiations between the Republican-controlled legislature and Democrats, who have said that the state has a $1.3 trillion budget deficit, and they want the state to increase revenue.
The bill passed by the House passed by a vote of 69-17 on Thursday, and was then sent to the Senate.
It passed the Senate last week with a 60-40 vote, and now it will be up to Gov.
Bill Haslam (R) to sign it into law.