TENNESSEE TIGHTENS STOCK TAX LAW, DEVELOPMENT GUIDELINES: Report

TENNIS — The Tennessee House of Representatives approved a bill Friday that would impose a two-year moratorium on state investment and development goals and would require companies and unions to invest more in the state in the future.

The measure, which passed overwhelmingly in the House on a 48-2 vote, now goes to the Senate, which must approve it.

The measure would take effect March 1.TREASURER: Gov.

Bill Haslam’s signature on tax cuts is a big deal.

The Senate is working on the legislation and it’s going to be in the hands of the governor for signature or veto, said House Minority Leader Dan Smith, R-Knoxville.

The bill’s sponsor, Rep. Jim Barksdale, R -Knox County, called the measure a “monumental step forward in our state’s effort to create jobs, strengthen our economy and bring more economic opportunities to Tennesseans.”

“We need to invest in our communities to create more jobs, to provide opportunities for people who want to work, and to help create a new, more productive Tennessee,” Barkssey said.

The House passed the measure on a 30-16 vote, the most votes in the history of the legislative session.

It passed with a broad majority of the members present, with no Democrats voting.

The Senate is expected to vote on the bill this week.