The TN Legislature has passed and sent to the Governor for his signature:
· TN Gift Tax repealed effective Jan 1 2012. TN was one of only two states to still have a gift tax, so this was one that we’re pleased to see gone!
· TN Inheritance tax will be phased out over the next few years. The exemption is currently $1million (vs. Federal exemption of $5mil now, but may return to $1mil next year). Inheritance tax exemption would be:
o 2013: $1.250,000
o 2014: $2,000,000
o 2015: $5,000,000
o 2016 and after: fully eliminated