Following a four-year phase out, Tennessee’s inheritance tax finally expires on Jan. 1 and one advocacy group is hailing the demise of what it calls the “death tax.”
“Tennessee taxpayers can finally breath a sigh of relief,” said Justin Owen, head of the free-market group, the Beacon Center of Tennessee, which successfully advocated for the taxes abolishment in 2012.
Estates of persons dying after Dec. 31 — Thursday –will no longer be subject to the tax.
In his statement Owen said that “for the first time in nearly a century, Tennessee will no longer have a death tax. Repealing the death tax was one of Beacon’s greatest policy victories, and we truly appreciate the leaders across our state who we worked with to get this done.”
At the time the legislation passed, (continue reading)