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Changes to Tennessee Inheritance Tax
Jan. 12, 2012
On Tuesday, January 10, Governor Haslam unveiled a series of bills that comprise his legislative package for 2012. One of the Governor's bills that will impact our estate planning clients is a proposal to raise the exemption on the Tennessee inheritance tax from $1 million to $1.25 million. This is the first step in bringing the Tennessee exemption in line with the federal exemption, which is currently $5 million. An increase of the exemption on the Tennessee inheritance tax from $1 million to $1.25 million could save individuals with taxable estates up to $11,875 in death taxes. We will be monitoring all of governor Haslam’s proposals as they move through the legislative process. If you would like to read more about the Governor's 2012 plan, please visit the governor's website at http://www.tn.gov/governor/.