HB2931 - Tennessee - Taxes, Taxes, Inheritance Gift

Companion Bill SB3492. Taxes, Inheritance Gift - Adopts amount of federal exclusion as amount of inheritance tax exemption for decedents dying in 2008 and 2009 and abolishes inheritance tax beginning in 2010. - Amends TCA Title 67, Chapter 8. Fiscal Summary for *HB2931 / SB3492Decrease State Revenue - $26,000,000 / FY08-09 $39,500,000 / FY09-10 Exceeds $76,600,000 / FY10-11 and thereafter Bill Summary for *HB2931 / SB3492 Under present law, for the purpose of determining the net taxable estate for inheritance taxes, a maximum single exemption is allowed against the portion of the estate distributable to one or more beneficiaries. The amount of the exemption is based on the date of the decedent's death, as follows: (1) On or after July 1, 1998, but before January 1, 1999: $625,000; [...]

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