Norris Legislation Providing Hall Income Tax Relief For Senior Citizens Passes Tax Subcommittee

Wednesday, March 06, 2013


More senior citizens would qualify for Hall income tax relief under legislation sponsored by Senate Majority Leader Mark Norris (R-Collierville) that was approved by the Senate Finance Committee’s Tax Subcommittee on Wednesday. The bill is included in Governor Bill Haslam’s legislative package.

“This legislation allows more seniors to qualify for Hall tax relief,” said Leader Norris, who sponsored the constitutional amendment to enact property tax freezes for senior citizens by Tennessee municipalities.  “It dovetails very well with our property tax relief amendment for seniors and helps those who have saved for their retirement.”

The Hall tax is imposed on income derived from interest on bonds, notes and stock dividends.   Since enactment of the Hall tax in 1929, the use of investment savings has grown as a primary source of retirement income. Senate Bill 198 raises the Hall income tax exemption level for citizens age 65 and older from $26,200 to $33,000 for single filers and from $37,000 to $59,000 for those filing jointly. 

“Senior citizens who are on fixed incomes are hit hardest by the Hall tax,” said Senator Norris.  “The increase in the income exemption will also make the state more competitive which is good for our economy.”

The state budget legislation which Norris is sponsoring for Governor Haslam provides a total of $23.1 million which will go back to taxpayers through a combination of tax relief proposals. The tax relief measures include reducing the state portion of the sales tax on grocery food from 5.25 percent to 5.0 percent and raising the inheritance tax exemption level from $1.25 million to $2 million. The budget proposal also provides tax relief for low income seniors, veterans and the disabled by fully funding the growth of the property tax freeze program, which Norris sponsored that was enacted in 2007. 

 



Georgia Ranked Sixth Nationally For Job Growth

The U.S. Department of Labor’s Bureau of Labor Statistics (BLS) announced that  Georgia is ranked sixth nationally and third in the Southeast for top job growth. With the creation of over 79,300 new jobs in the past 12 months, Georgia represents a strong 2.0 percent annual growth rate, which is higher than the nation’s average of 1.8 percent. Georgia also had solid ... (click for more)

Tennessee's Unemployment Rate For August Increased To 7.4%

Tennessee Labor & Workforce Development Commissioner Burns Phillips announced the Tennessee preliminary unemployment rate for August was 7.4 percent, three tenths of one percentage point higher than the 7.1 July revised rate. The U.S. preliminary rate for August was 6.1 percent, down from 6.2 percent in July. Economic Summary • Over the past year, Tennessee's unemployment ... (click for more)

Woman Shot And Killed In Catoosa County Residence

A woman is dead after a shooting in Catoosa County. According to Sheriff Gary Sisk, around noon on Friday, sheriff’s deputies and investigators responded to 227 Smoketree Circle, Ringgold, Catoosa County, in reference to a subject being shot.   Upon arrival, officers located two females and one male at the residence. One of the women was observed lying at ... (click for more)

Trooper Discovers Large Amount Of Drugs On Traffic Stop In Marion County

A member of the Tennessee Highway Patrol’s East Bureau Interdiction Plus team initiated a traffic stop   on Thursday   in Marion County that resulted in the discovery of 60 pounds of marijuana. During the traffic stop, the suspect fled the scene and is at large at this time. Trooper Brent McCawley stopped a Lexus ES300 for a traffic violation on Interstate 24 westbound ... (click for more)

You’re Right With Lamar

One of Tennessee’s favorite sons, Davy Crockett, coined an oft-used phrase:  “Be always sure you’re right, then go ahead.” Being sure is quite important, but may be difficult in this election cycle. The Democratic nominee campaigning against Lamar Alexander is a man whose radio ads call for “change,” “fair” taxes and more jobs.  Sounds good, huh?   ... (click for more)

Roy Exum: The Saturday Funnies

Okay … here we go. A number of readers have complained that I haven’t shared any jokes that my friends send to my email address so on a weekend when our Volunteers and Mocs are idle, let’s laugh a little:   I was sitting in a bar one afternoon with an old friend knocking back a few beers when he said, "You know, if we're not careful we'll end up like those two old drunks ... (click for more)