Tennessee gift laws changed beginning January 1, 2012
Tennessee Senate Bill 2777/House Bill 2840, passed by the General Assembly on May 1, 2012, repeals Tennessee's tax on gifts effective January 1, 2012. This means taxpayers giving gifts currently taxed in accordance with Tenn. Code Annotated Section 67-8-101 will not be subject to gift tax. Federal gift tax laws remain in effect - for more information on federal gift tax, please visit www.irs.gov.
Please note that Tennessee taxpayers giving gifts prior to January 1, 2012 may be subject to Tennessee's gift tax. For more information, click here.
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