HB3502 - Tennessee: Taxes, Inheritance Gift

Companion Bill SB3447. Taxes, Inheritance Gift - Increases Tennessee's inheritance tax exemption to $3,500,000 to match the federal limit; repeals the tax for years beginning on or after January 1, 2009. - Amends TCA Title 67, Chapter 8. Fiscal Summary for HB3502 / *SB3447Decrease State Revenue - Bill Summary for HB3502 / *SB3447 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; [...]

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