Inheritance Tax Repeal Bill Clears Key Committee

News release from House Speaker Beth Harwell:
(March 21, 2012, NASHVILLE) – Speaker Beth Harwell (R-Nashville) today praised House Finance, Ways and Means Chairman Charles Sargent (R-Franklin) for his leadership and hard work to repeal the state’s death tax. House Bill 3760 passed House Finance, Ways and Means Subcommittee and will be heard in the full committee in the coming weeks.
“Without the leadership of Chairman Sargent, this full repeal of the death tax would not have been possible,” said Speaker Harwell. “I appreciate his passion for this issue. We know this tax drives people, capital, and jobs out of the state. We know this tax splits up family farms that have been in the family for generations. I commend everyone’s hard work on this very important issue.”
The bill has been amended to now include a full repeal, with the death tax phasing out gradually over the next four years. By 2016, the tax will be completely eliminated. Tennessee is one of only two states in the south with a death tax.
“I want to thank my colleagues for their hard work and support for this bill,” said Chairman Sargent. “The House Republican Caucus made repealing the death tax a priority this session because we know it will help family owned farms and small, family owned businesses operate with certainty. I look forward to continue moving it through the committee system.”

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