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Killing the Hall Income Tax, Making TN Truly Income Tax Free

AFP and the Beacon Center of TN are joining forces to repeal the Hall Income Tax. Learn more about the tax, how it affects you, and how we are going to repeal it.

The Hall Income Tax is a 6% tax on interest and dividends. It predominately affects seniors, who are more likely to own stocks that pay dividends or receive retirement funds that use dividends to pay benefits.

The Tennessee Advisory Commission on Intergovernmental Relations recommended getting rid of the Hall Tax in 2004. The legislature has fought for the past 10 years to abolish the Hall tax. It accounts for less than 2% of the state’s annual budget but, a handful of cities want to keep the tax in place because they receive a large portion of it.

Screen Shot 2014 09 29 at 12.14.40 PM 300x189 Killing the Hall Income Tax, Making TN Truly Income Tax FreeThis punitive tax punishes those who save for retirement and essentially taxes their income twice. Tennessee has an asterisk* listed beside it every time we are mentioned with other states that are truly income-tax free, solely because of this tax.

2015 is the year to Axe the Tax and here’s how it’ll happen:

  • Reduce the tax by 1% every year until phased out
  • Put safeguard triggers in place to freeze the reduction in years when the state has substantial revenue shortfalls
  • Hold the local governments harmless as the tax is being phased out

“In eliminating the Hall Tax, our state can restore

its status as the most friendly environment to

grow a business, build a family, and plan a future,

uninhibited by government and unencumbered by

any consequences but the choices of empowered

Tennesseans.” – Lindsay Boyd, Beacon Center Policy Director

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