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NASHVILLE, Tenn.—Americans for Prosperity-Tennessee (AFP-TN) on Wednesday commended state Senator Brian Kelsey (R-Germantown) for introducing legislation to permanently ban the so called “Hall Tax,” an outdated personal income tax on investment interest and dividends.
“Senator Kelsey has been a leader in the fight to repeal the Hall Tax. The tax is currently being phased out, but we need to ensure it won’t come back to harm Tennesseans,” said AFP-TN State Director Tori Venable. “This bill will protect future generations from any over-zealous state or local government trying to impose an income tax on their retirement savings.”
“The Hall Tax … discourages savings and investment and disproportionately impacts senior citizens on fixed incomes,” Kelsey said in a release announcing the bill. “Not only is the Hall Tax oppressive to these seniors, but it encourages them to move out-of-state.”
Kelsey’s legislation would amend the Tennessee Constitution to ban the tax. Any Constitutional amendment passed by the legislature must be approved by the voters during the next general election for Governor in 2022.