Taxes, Income - As introduced, beginning January 1, 2015, annually reduces the rate of the Hall Income Tax and increases the portion of taxes distributed to cities and counties in which the taxpayers are located; beginning January 1, 2018, requires 100 percent of the tax revenue collected by the state be distributed to the cities and counties. - Amends TCA Title 67, Chapter 2.
  • Bill History
  • Amendments
  • Video
  • Summary
  • Fiscal Note
  • Votes
  • Actions For HB1367Date
    Taken Off Notice For Cal. in s/c Finance, Ways & Means Subcommittee of Finance, Ways & Means Committee 04/16/2014
    Sponsor(s) Added.04/16/2014
    Placed on s/c cal Finance, Ways & Means Subcommittee for 4/16/201404/15/2014
    Action Def. in s/c Finance, Ways & Means Subcommittee to 4/10/201404/15/2014
    Placed on s/c cal Finance, Ways & Means Subcommittee for 4/10/201404/09/2014
    Action Def. in s/c Finance, Ways & Means Subcommittee to last calendar04/08/2014
    Sponsor(s) Added.04/02/2014
    Placed on s/c cal Finance, Ways & Means Subcommittee for 4/8/201404/02/2014
    Action Def. in s/c Finance, Ways & Means Subcommittee to next calendar04/02/2014
    Placed on s/c cal Finance, Ways & Means Subcommittee for 4/2/201403/26/2014
    Sponsor(s) Added.03/26/2014
    Action Def. in s/c Finance, Ways & Means Subcommittee to 4/2/201403/26/2014
    Sponsor(s) Added.03/24/2014
    Placed on s/c cal Finance, Ways & Means Subcommittee for 3/26/201403/19/2014
    Action Def. in s/c Finance, Ways & Means Subcommittee to 3/26/201403/19/2014
    Placed on s/c cal Finance, Ways & Means Subcommittee for 3/19/201403/12/2014
    Action Def. in s/c Finance, Ways & Means Subcommittee to 3/19/201403/12/2014
    Sponsor(s) Added.03/06/2014
    Placed on s/c cal Finance, Ways & Means Subcommittee for 3/12/201403/05/2014
    Sponsor(s) Added.03/05/2014
    Sponsor change. 02/26/2014
    Sponsor(s) Added.01/22/2014
    Sponsor(s) Added.01/15/2014
    Assigned to s/c Finance, Ways & Means Subcommittee01/15/2014
    P2C, ref. to Finance, Ways & Means Committee01/15/2014
    Intro., P1C.01/14/2014
    Filed for intro.09/13/2013
    Actions For SB1427Date
    Assigned to Gen. Sub of: S. FW&M Comm.04/16/2014
    Placed on S. FW&M Comm. cal. for 4/16/201404/15/2014
    Action Def. in S .F,W,&M Comm. to 4/16/1404/15/2014
    Placed on S. FW&M Comm. cal. for 4/15/201404/11/2014
    Placed on S. FW&M Comm. cal. for 4/9/201404/09/2014
    Action Def. in S. FW&M Comm. to 4/9/201404/08/2014
    Placed on S. FW&M Comm. cal. for 4/8/201404/02/2014
    Sponsor(s) Added.03/31/2014
    Sponsor(s) Added.03/28/2014
    Sponsor(s) Added.03/19/2014
    Ref. to S. F,W&M Comm. w/recommend to summer study comm.03/18/2014
    Placed on S. Tax Sub Committee of F,W&M. cal. for 3/18/201403/14/2014
    Action Def. in S. Tax Sub Comm. to 3/18/201403/11/2014
    Placed on S. Tax Sub Committee of F,W&M. cal. for 3/11/201403/05/2014
    Sponsor(s) Added.03/05/2014
    Action Def. in S. Tax Sub Committee of F,W&M. to 3/11/201403/04/2014
    Sponsor(s) Added.02/28/2014
    Placed on S. Tax Sub Committee of F,W&M. cal. for 3/4/201402/26/2014
    Action Def. in S. Tax Sub Committee of F,W&M. to 3/4/201402/25/2014
    Placed on S. Tax Sub Committee of F,W&M. cal. for 2/25/201402/19/2014
    Ref. to S. Tax Sub Comm.01/28/2014
    P2C, ref. to S. FW&M Comm.01/15/2014
    Intro., P1C.01/14/2014
    Filed for intro.09/13/2013
  • No amendments for HB1367.
    AmendmentsFiscal Memos
    SA1132Amendment 1-1 to SB1427Fiscal Memo for SA1132 (15647)  

    NOTE: Each fiscal memorandum applies only to the amendment(s) identified in the memorandum. The fiscal memorandum must be matched to any amendments that have been adopted.

  • Videos containing keyword: HB1367

  • Fiscal Summary

    Decrease State Revenue - Net Impact - $52,400,100/FY15-16 $87,091,700/FY16-17 $110,598,000/FY17-18 $157,021,500/FY18-19 and Subsequent Years Increase Local Revenue - Net Impact - $806,300/FY15-16 $1,239,700/FY16-17 $1,632,000/FY17-18 $2,240,200/FY18-19 and Subsequent Years Other Fiscal Impact - Secondary economic impacts may occur as a result of this bill. Such impacts may be realized due to changes in population or as a result of other behavioral changes prompted by the passage of this bill. Due to multiple unknown factors, fiscal impacts directly attributable to such secondary economic impacts cannot be quantified with reasonable certainty.


    Bill Summary

    Present law levies a tax in the amount of six percent per year on incomes derived from dividends from stocks or interest on bonds. This tax is known as the Hall Income Tax. Under present law, 62.5 percent of the Hall Income Tax proceeds are paid into the general fund of the state treasury and 37.5 percent are paid to the municipality where the taxpayer resides, or to the county if the taxpayer lives in an in unincorporated area

    This bill would gradually reduce the Hall Income Tax as follows:
    (1) For calendar year 2015, the tax would be 4.75 percent;
    (2) For calendar year 2016, the tax would be 3.92 percent;
    (3) For calendar year 2017, the tax would be 3.36 percent; and
    (4) For calendar year 2018 and all subsequent years, the tax would be 2.25 percent.

    This bill would gradually increase the percentage of the distribution of the Hall Income Tax to local government as follows:
    (1) For calendar year 2015, the distribution would be 47.4 percent;
    (2) For calendar year 2016, the distribution would be 57.4 percent;
    (3) For calendar year 2017, the distribution would be 67 percent; and
    (4) For calendar year 2018 and all subsequent years, the distribution would be 100 percent minus any deduction for necessary expenses to administer the collection and distribution of the tax.

  • FiscalNote for HB1367/SB1427 filed under HB1367
  • House Floor and Committee Votes

    Votes for Bill HB1367 by the House are not available.

    Senate Floor and Committee Votes

    Votes for Bill SB1427 by the Senate are not available.