CHAPTER NO. 761

HOUSE BILL NO. 2621

By Representatives Davidson, Head and Mr. Speaker Naifeh and Representatives Rhinehart, Kisber, Armstrong, Rinks, Kent, Fowlkes, Phelan, Ronnie Cole, Ralph Cole, Chumney, Hargrove, Whitson, McDonald, White, Mumpower, Godsey, Patton, Ridgeway, Pinion, Lewis, Stulce, Ferguson, Hargett, Haley, Pleasant, Fraley, Sands, West, Beavers, Scroggs, Newton, Bird, Wood, Ford, Givens, Stamps, McDaniel, Garrett, Boner, Boyer, Dunn, Sargent, Bittle, Sharp

Substituted for: Senate Bill No. 2528

By Senators Rochelle, Cooper, Graves, McNally, Leatherwood, Herron, Atchley, Burks, Carter, Clabough, Cohen, Crowe, Crutchfield, Davis, Dixon, Elsea, Ford, Fowler, Gilbert, Harper, Haun, Haynes, Jordan, Kurita, Kyle, Miller, Person, Ramsey, Springer, Williams, Womack and Mr. Speaker Wilder

AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 8, Part 3, relative to the inheritance tax.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:

SECTION 1. Tennessee Code Annotated, Section 67-8-316, is amended by adding the following new subsection to be designated as (b) and by relettering present subsection (b) accordingly:

(b) For the sole purpose of determining the net taxable estate under this part and part 4 of this chapter, there shall be allowed against the net estate a maximum single exemption against that portion of the estate distributable to one (1) or more beneficiaries of an amount to be determined by the following schedule:

In the case of a decedent dying: Amount

On or after July 1, 1998, but

before January 1, 1999 $625,000

In 1999 650,000

In 2000 and 2001 675,000

In 2002 and 2003 700,000

In 2004 850,000

In 2005 950,000

In 2006 and thereafter 1,000,000

SECTION 2. This act shall take effect July 1, 1998, the public welfare requiring it.

PASSED: April 1, 1998

APPROVED this 16th day of April 1998