Subcommittee Approves Inheritance Tax Bill

In a last-minute move today, Republican legislators took a big step toward fully repealing Tennessee's inheritance tax  when the House Finance Subcommittee voted by unanimous voice vote to increase the exemption on the tax from $1 million to $1.25 million. But rather than increase the exemption over one year, as originally proposed, legislators opted for a multi-year approach, phasing in the full increase through 2016. The Nashville Business Journal reports