Tenn. Code § 67-8-106

Current through Acts 2023-2024, ch. 1069

Section 67-8-106 - [Not applicable to any transfer by gift made on or after January 1, 2012, see 67-8-118.] Tax rates

(a) The tax imposed by this part with respect to gifts made prior to 1984 shall be computed at the following rates:

CLASS A

1.4 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 next $200,000 or part thereof;

6.5 percent on the next $200,000 or part thereof;

9.5 percent on the excess over $500,000.

CLASS B

6.5 percent on amounts from $5,000 to $50,000;

9.5 percent on the next $50,000 or part thereof;

12 percent on the next $50,000 or part thereof;

13. 5 percent on the next $50,000 or part thereof;

16 percent on the next $50,000 or part thereof;

20 percent on the excess over $250,000.

(b) The tax imposed by this part with respect to gifts made after 1983 shall be computed at the following rates:

CLASS A

5.5 percent on the amount of net taxable gifts up to $40,000;

6.5 percent on the next $200,000 or part thereof;

7.5 percent on the next $200,000 or part thereof;

9.5 percent on the excess over $440,000.

CLASS B

6.5 percent on the amount of net taxable gifts up to $50,000;

9.5 percent on the next $50,000 or part thereof;

12 percent on the next $50,000 or part thereof;

13.5 percent on the next $50,000 or part thereof;

16 percent on the excess over $200,000.

T.C.A. § 67-8-106

Acts 1939, ch. 137, § 5; C. Supp. 1950, § 1295.5 (Williams, § 1328.5); Acts 1967, ch. 133, § 1; 1983, ch. 73, § 12; T.C.A. (orig. ed.), § 67-2506.