Title 67, Taxes And Licenses

(a) Where a donor transfers during the calendar year by gift an interest in any property specified in § 67-8-101(a) or (b) to a donee who at the time of the gift is the donor's spouse, there shall be allowed as a deduction, in computing taxable gifts an amount equal to the gift. …

(a) The tax imposed by this part with respect to gifts made prior to 1984 shall be computed at the following rates:CLASS A1.4 percent on amounts from $10,000 to $25,000;2 percent on the next $25,000 or part thereof;4 percent on the next $50,000 or part thereof;5.5 percent on the …

(a) For the purposes of the tax imposed by this part, all property, real and personal, shall be appraised at its full and true value at the time of the making of the gift. Stocks and bonds listed on recognized exchanges shall be appraised by ascertaining their quoted value on the…

(a) The commissioner of revenue, hereinafter called the “commissioner,” has full supervision of the administration and enforcement of this part and of the collection of all taxes imposed thereunder. (b) The commissioner shall make such rules and regulations as may be necessary fo…

The commissioner is empowered to prescribe such forms as may be necessary under this part and shall keep such records as are indicated by good accounting practice. The commissioner may by general regulations prescribe how much and what portion of the commissioner's records shall …

(a) The tax imposed under this part shall be paid by the donor. Any person who, during any calendar year, makes any transfers by gift, except those that under § 67-8-104 are exempt from tax liability, shall, on or before April 15 following the close of such calendar year, make ou…

The tax imposed by this part for any calendar year shall be paid on or before April 15 following the close of such calendar year.

(a) (1) As soon as practicable after the return required by § 67-8-110 is filed, the commissioner shall examine it and determine the correct amount of the tax.(2) If the required return is not filed by the donor on or before the date due, the commissioner shall determine the amou…

The commissioner may issue a distress warrant for the collection of the tax imposed under this part, together with interest and penalty on the tax in accordance with § 67-4-110.

If the tax imposed under this part is not paid by the donor when due, and if a distress warrant directed against the property of such donor has been returned nulla bona, the donee of any gift shall be personally liable for such tax to the extent of the value of such gift.

(a) If, in the determination of the existence of a deficiency, the commissioner appraises property at a value higher than that thought by the donor to be its true value, the donor shall have a right to file with the commissioner, within ninety (90) days from the date of the recei…

This part shall not be construed impliedly to repeal or modify the Tennessee Inheritance Tax Law, compiled in parts 3-5 of this chapter, or the Tennessee Estate Tax Law, compiled in part 2 of this chapter, but shall be construed in pari materia with such laws.

This part does not apply to any transfer by gift made on or after January 1, 2012.

This part shall be known and may be cited as the “Tennessee Estate Tax Law.”

(1) As used in this part, unless the context otherwise requires:(1) “Credit” means the maximum credit for any estate, inheritance, legacy, or succession taxes paid to any state or territory or the District of Columbia, allowable with respect to the gross federal estate tax by § 2…

(a) In the application of this part, chapter 11 of the Internal Revenue Code of 1954 (26 U.S.C. § 2001 et seq.), or of any amendment thereto, or of any substituted act, insofar as may be necessary, shall be applied to the same extent as if the provisions were set forth in this pa…

In addition to any inheritance, succession and/or estate tax or taxes imposed by the state of Tennessee under the authority of any other statute or statutes, a Tennessee estate tax is imposed for the exclusive use of the state upon the transfer of the Tennessee estate of every de…

The tax imposed by this part is a tax exclusively for the use of the state, and no county, municipality or taxing district shall have power to levy any like tax.

(1) The Tennessee estate tax shall be charged upon the entire Tennessee estate of the decedent, and the executor shall pay the tax to the commissioner of revenue, and shall file with such commissioner an affidavit showing:(1) The amount of the federal estate tax before allowing t…

The Tennessee estate tax shall be payable at the same time or times at which the federal estate tax is payable.

(a) If the amount of federal estate tax is, upon the final determination of the federal estate tax, increased or decreased as affecting an estate the transfer of any part whereof is taxable hereunder subsequent to the payment of the Tennessee estate tax, the Tennessee estate tax …

If the Tennessee estate tax or any part thereof is paid, or collected out of that part of the Tennessee estate passing to or in possession of any person other than the executor or administrator in the executor's or administrator's capacity as such, such person shall be entitled t…

The commissioner of revenue shall account to the comptroller of the treasury for all moneys so collected monthly, less not more than two and one-half percent (2.5%) thereof for expenses of administration, who shall receipt therefor and forthwith pay over to the state treasurer al…

The commissioner of revenue is empowered to make all necessary rules and regulations not inconsistent with the terms of this part, which shall have the force and effect of law, for the purpose of fully carrying out and giving effect to this part.

(a) Upon the payment of the tax, the commissioner of revenue shall issue receipt therefor in duplicate to the executor. (b) Upon the payment of a fee of one dollar ($1.00) to the commissioner, which fee shall accrue to the state, the executor or any other person shall be entitled…

The commissioner may, in the commissioner's discretion, institute suit in the name of the state of Tennessee, in any court of competent jurisdiction for the collection of the tax imposed by this part in the event the tax is not paid when due. Such suit shall be for the amount of …

The commissioner may employ necessary agents, representatives and assistants for the enforcement of this part, and the expense of their employment and all incidental expenses shall be defrayed out of the two and one-half percent (2.5%) of the moneys collected as provided in § 67-…

It is a Class C misdemeanor for any executor to fail to file any affidavit or duplicate federal tax return or other instrument required by this part to be filed, or to pay the tax imposed by this part when payable hereunder, or to comply with and obey any rule or regulation promu…

This part and part 4 of this chapter shall in no wise be construed impliedly or expressly to repeal or modify the Tennessee Estate Tax Law, compiled in part 2 of this chapter.

(1) Class A: The following named beneficiaries shall be included in:(1) Class A: Husband, wife, son, daughter, lineal ancestor, lineal descendant, brother, sister, stepchild, son-in-law or daughter-in-law. For the purposes of parts 3-5 of this chapter, a person who is related to …

(a) A tax is imposed for the general uses of the state, under the conditions and subject to the conditions and limitations prescribed in this part, upon transfers, in trust or otherwise, of the following property, or any interest in the property or accrued income from the propert…

(1) The following transfers enumerated in § 67-8-303 shall be taxable:(1) Transfers made by a will;(2) Transfers made by statutes regulating descent and distribution of property upon the death of the owner;(3) Transfers made by gift of the decedent to the extent of the value of a…

(a) Whenever any property was held jointly by the decedent and one (1) or more persons as tenants by the entirety or otherwise, or was deposited in banks or other depositories or institutions in the joint names of the decedent and one (1) or more other persons and was payable to …

(a) If the decedent was a resident of this state, there shall be included in the gross estate the proceeds of insurance policies payable to named beneficiaries, or to the decedent's estate, or in such manner as to be subject to claims against the decedent's estate and to distribu…

The gross estate of a resident shall include property specified in § 67-8-303(a)(1), and the gross estate of a nonresident shall include property specified in § 67-8-303(a)(2) transferred by the decedent by deed of trust in which the decedent reserved to the decedent, alone or in…

If property is transferred to executors or trustees in lieu of their commissions or allowances, the excess in value of the property so transferred above the amount of commissions or allowances that would be payable in the absence of such transfer, shall be taxable.

Any transfer of property in any manner by operation of law upon the death of any person shall be deemed a transfer taxable under this part and part 4 of this chapter.

(a) The value of every future, contingent or limited estate, income, interest or annuity for any life or lives in being shall, so far as possible, be determined by the rule, method and standard of mortality and of value set forth in the actuarial tables of mortality in use by the…

Where an estate or interest may be divested by the act or omission of the transferee, it shall be taxed as if there were no possibility of divesting.

(a) If it shall be impossible to compute the present value of any of the property transferred, or of any interest in such property, or if the tax cannot be determined because of a contingency as to who will take it, the commissioner of revenue, with the written approval of the at…

The value of all property transferred to each class of beneficiaries shall be aggregated for the purpose of computing the tax and allowing the exemptions heretofore provided for in this part and part 4 of this chapter.

(a) The tax imposed upon the value of the net taxable estate of a decedent, distributable in accordance with the classification, deductions, allowances and exemptions set out in this part shall be, respectively, at the following rates:(1) Class A If net taxable estate is:The tax …

(a) For the purpose of determining the net estate subject to tax, the following deductions shall be deducted from the value of the gross estate; except that, in the case of a transfer other than by will or intestate law, the only deductions permitted shall be liens subject to whi…

(a) (1) 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 Class A of …

(a) If the gross estate includes property upon the transfer of which to the decedent a tax was previously and within five (5) years imposed by this state, or property that has been received by the decedent in exchange for property upon which a tax was so imposed, a credit on acco…

This part does not apply in the case of any decedent who died in 2016 or in any subsequent year.