SB3336 - Tennessee - Elderly Persons, Taxes, Taxes, Income

Taxes, Income - Increases the number of senior citizens who are exempt from the Hall income tax. - Amends TCA Title 67, Chapter 2, Part 1. Fiscal Summary for *SB3336Decrease State Revenue - $10,625,000 / FY09-10 and thereafter Decrease Local Govt. Revenue - $6,375,000 / FY09-10 and thereafter Bill Summary for *SB3336 Present law imposes a 6 percent tax on incomes derived by way of dividends from stocks or by way of interest on bonds in excess of the first $1,250 for individual filers or $2,500 of combined income for joint filers. This is commonly referred to as the "Hall income tax." Any person who is at least 65 years of age having a total annual income derived from any and all sources of $16,200 or less, or any persons who file a joint return and either spouse is at least 65 years of age having a total annual joint income derived from any and all sources of not more than $27,000, are exempt from the Hall tax. This [...]

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