Tennessee Gift Tax Repealed, Inheritance Tax to be Phased Out

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On May 21, 2012, Governor Bill Haslam signed legislation passed by the Tennessee General Assembly that repeals the Tennessee gift tax and phases out the Tennessee inheritance tax.

The repeal of the Tennessee gift tax is retroactive to January 1,2012. The Tennessee inheritance tax is phased out by increasing the exemptions over the next three years until fully repealed in 2016. The Tennessee inheritance tax exemptions will be as follows.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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