2018 Tennessee Code
Title 67 - Taxes and Licenses
Chapter 8 - Transfer Taxes
Part 3 - Inheritance Tax -- General Provisions [Not Applicable to Decedents Who Die in 2016 or After, See § 67-8-318.]
§ 67-8-316. Exemptions. [Not applicable to decedents who die in 2016 or after, see § 67-8-318.]
(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 an amount determined according to the following schedule:
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In the case of a decedent dying:......................Amount
On or after October 1, 1983, but before January 1, 1984......................$275,000
In 1984......................325,000
In 1985......................400,000
In 1986......................500,000
After 1986......................600,000
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and 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 B of an amount determined according to the following schedule:
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In the case of a decedent dying:......................Amount
On or after July 1, 1984, but before January 1, 1985......................$25,000
In 1985......................50,000
In 1986......................100,000
In 1987......................150,000
In 1988......................250,000
In 1989......................350,000
After 1989......................600,000
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(2) After 1989, no distinction shall be made in classes of beneficiaries and all beneficiaries listed in subsection (b) in Class B shall be included in Class A.
(b) 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 an amount to be determined by the following schedule:
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In the case of a decedent dying:......................Amount
On or after July 1, 1998, but before January 1, 1999......................$625,000
In 1999......................650,000
In 2000 and 2001......................675,000
In 2002 and 2003......................700,000
In 2004......................850,000
In 2005......................950,000
In 2006 through 2012......................1,000,000
In 2013......................1,250,000
In 2014......................2,000,000
In 2015......................5,000,000
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(c) In the case of estates of nonresidents, the exemptions in this section shall be apportioned in the ratio that the value of the property included in the gross estate; to wit, property, the transfer of which is subject to the tax imposed bears to the value of all of the property that would have been included in the gross estate, if the decedent had been a resident of this state; provided, that, in any event, such proportionate part of the exemption shall not be less than is permitted by the Constitution of the United States.
