HB3948 - Tennessee - Insurance, Health, Accident, Taxes, Exemption And Credits, Taxes, Income

Companion Bill SB3936. 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 HB3948 / *SB3936Increase 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 HB3948 / *SB3936 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 [...]

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