SB3889 - Tennessee - Insurance, Health, Accident, Taxes, Exemption And Credits, Taxes, Income

Taxes, Income - Provides a Hall income tax deduction for premiums paid by the taxpayer for long-term care insurance for the taxpayer or the taxpayer's spouse or dependent. - Amends TCA Title 67, Chapter 2, Part 1. Fiscal Summary for *SB3889Increase State Expenditures - $70,000 / One-Time Decrease State Revenue - $1,250,000 / FY08-09 $2,500,000 / FY09-10 and thereafter Decrease Local Revenue - $750,000 / FY08-09 $1,500,000 / FY09-10 and thereafter Bill Summary for *SB3889 Present law imposes a 6 percent tax on incomes derived by way of dividends from stocks or by way of interest on bonds (known as the Hall income tax). This bill allows a credit against the Hall income tax. The credit would be in an equal to the total amount of premiums paid by the taxpayer during the tax year to purchase long-term care insurance for the taxpayer or the taxpayer's spouse. This bill would take effect January [...]

show full description