SB1050 - Tennessee: Taxes, Real Property

Companion Bill HB1629. Taxes, Real Property - Increases elderly income level on which tax relief can be sought from not exceeding $20,000 in tax year 2006 to not exceeding $24,000 in tax year 2007. - Amends TCA Section 67-5-702. Fiscal Summary for *SB1050 / HB1629 Increase State Expenditures - Exceeds $3,600,000 Bill Summary for *SB1050 / HB1629 ON JUNE 11, 2007, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 1050, AS AMENDED. AMENDMENT #1 rewrites this bill and increases the elderly income level on which property tax relief can be sought from not exceeding $20,000 in tax year 2006 to not exceeding $24,000 in tax year 2007. This amendment retains present law, which requires the annual income limit to be adjusted each tax year to reflect the cost of living adjustment for social security recipients as determined by the social security [...]

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