(HUMBOLDT, Tenn.) -- Tennessee Governor Bill Haslam on Wednesday signed legislation to begin phasing out inheritance tax in the state.
With the signing of the bill comes a three-year period in which the tax will be phased out, before being completely eliminated at the start of 2016.
"We’re focused on making state government more efficient and more effective while reducing the cost to taxpayers," Haslam said in a statement. "Jobs are created when people invest capital. The inheritance tax is causing Tennesseans to take their capital to other states as they grow older, but businesses and family farms can’t pick up and leave. Eliminating this tax will ease the burden on family businesses and farms that are left to other generations."
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