This afternoon, the death tax bill was amended to fully repeal the tax by 2016. It passed the House Finance Subcommittee by unanimous voice vote and now goes to the full Finance Committee, and if it passes there, it will go on to a vote by the full House in the coming weeks. This amendment to completely repeal the death tax had the support of the Governor.
"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,” said House Speaker Beth Harwell.
"The death tax does nothing but punish small businessmen and farmers building for the next generation. Unlike Washington, Tennessee plans for the future. I look forward to making sure the death tax meets the reaper," said Lt. Governor Ron Ramsey.
The death tax is one of those taxes that actually decreases revenue to the state. With the repeal of the death tax, it is likely that more people will choose to retire in Tennessee and economic growth should outpace any lost revenue that was generated by the tax.
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