Files Legislation to Hear Bill Upon Return of Legislature in January
NASHVILLE (December 16, 2011) – House Democratic Caucus Chairman Mike Turner of Old Hickory, called Friday for a repeal of the Hall income tax in Tennessee.
The individual income tax is imposed on individuals and other entities receiving interest from bonds and notes and dividends from stock.
“The Republican majority has said they want to cut taxes and I think they should support this legislation and also produce a balanced budget,” said Turner (D-Old Hickory). “I am calling upon all my colleagues in the House Republican Caucus to sign on to this bill.”
Enacted in 1929, the tax was originally called the Hall income tax for the senator who sponsored the legislation. The law can be found in Tennessee Code Annotated in Title 67, Chapter 2.
Current exemptions include: persons over 65 with total income less than $16,200 for a single filer or $27,000 for a joint filer.
The rate of the tax is 6 percent of taxable income.
“I hope my friends on the other side of the aisle will help me pass this legislation to lower the tax burden on Tennesseans,” Turner said.
The tax is expected to garner roughly $204 million in the coming year.