Decreased tax burden helps boost Volunteer State’s economic attractiveness.
Tennessee Lays ‘Death Tax’ to Rest
Tax reform is a priority in 2016 for NFIB/Tennessee, and the elimination of the state’s inheritance tax is a benefit to individuals, families and business owners alike.
The tax—which ranged from 5.5 percent to 9.5 percent, depending on the size of the estate—was slowly phased out over the past four years by increasing the maximum amount of the estate that was exempt from the tax. In 2013, the exemption was increased to $1.25 million; in 2014, to $2 million; in 2015, to $5 million; and now, in 2016, no estate of any size will be subject to the tax.
Elimination of the inheritance tax will decrease the tax burden on individuals and businesses, make the state more appealing for retirees and boost the state’s economic competitiveness overall.
Stay tuned for updates on other tax reform efforts in the weeks ahead, including a rollback of the Retail Accountability Program and increased flexibility for businesses that estimate franchise and excise tax liability. We urge you to respond to any action alerts we send in the coming weeks so that you can help us make your concerns heard.
