HB3493 - Tennessee: Taxes, Taxes, Inheritance Gift

Companion Bill SB3820. Taxes, Inheritance Gift - Abolishes inheritance taxes beginning in 2009. - Amends TCA Title 8 and Title 67. Fiscal Summary for HB3493 / *SB3820Decrease State Revenue - $75,200,000 / FY09-10 Exceeds $76,600,000 / FY10-11 and thereafter Bill Summary for HB3493 / *SB3820 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; (2) In 1999: $650,000; (3) In 2000 and 2001: $675,000; (4) In 2002 and 2003: $700,000; (5) In 2004: $850,000; (6) In 2005: [...]

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