Tuesday, May 1, 2012

Tennessee General Assembly » Legislation

Tennessee General Assembly » Legislation » HB 3760 by *McCormick ( *SB 3762 by *Norris) (JEH: The Tennessee legislature repealed Tennessee's inheritance tax, which will phase out over the next few years. Governor Bill Haslam is expected to sign the bill into law when it arrives on his desk. My friend Bryan Howard, Esq. offers more commentary on his blog here. Bryan also reported that the legislature repealed the Tennessee gift tax (here). The following bill appears to be the one that passed, although it originally indicated repeal of the Tennessee gift tax as of 2013: SB2777. The Tennessee House amendment, which is available via the link immediately above, includes an effective date of January 1, 2012. These developments make Tennessee more desirable, particularly to retirees who now only need to deal with issues such as Tennessee's "Hall" income tax on dividends and bond interest.)