More seniors exempted from Hall Income Tax

On June 16, 2013, in News 2013, by Mark Norris

T-G STAFF REPORT
June 16, 2013

On May 28, Gov. Bill Haslam held a ceremonial bill signing in Crossville for a reduction in the Hall Income Tax for senior citizens.

The Hall Income Tax is levied on investment income. The bill, HB 192 / SB 198, raised the income level at which senior citizens are exempt from paying the tax.

Now, single filers 65 and over with an income of less than $33,000 won’t have to pay the tax, nor will joint filers, at least one of whom is 65, with a combined income less than $59,000. Those figures were $26,200 and $37,000 previously.

The law is retroactive to Jan. 1.

High ranking

“Tennessee is ranked No. 1 among all states by bankrate.com as the best state for retirement,” Haslam said.

“By managing the state budget conservatively and focusing on making state government more efficient and effective, we’ve been able to cut taxes while continuing to make strategic investments and balancing the budget. I want to thank the General Assembly for passing this sensible legislation that makes Tennessee an even more attractive state to live.”

Senate Majority Leader Mark Norris (R-Collierville), House Majority Leader Gerald McCormick (R-Chattanooga) and State Rep. Cameron Sexton (R-Crossville) sponsored the bill. In his first year in office, Haslam signed legislation that lifted the exemption from $16,200 to $26,200 for single filers and $27,000 to $37,000 for joint filers.

Tax cuts

Taken together, the bills passed in 2011 and 2013 have doubled the income level at which senior citizens remain exempt from the Hall Income tax.

Through two and a half years in office, Haslam has signed legislation cutting the grocery tax on food, the Hall Income Tax, the inheritance tax and the gift tax.

Tagged with:
 

Comments are closed.