Capitol Hill pledge to gradually lower state's Hall Income Tax - WKRN News 2

Capitol Hill pledge to gradually lower state's Hall Income Tax

Posted: Updated: April 2, 2014 05:29 PM

A pledge board that looks like a hybrid of the Constitution and Declaration of Independence is getting plenty of signatures from just about every Republican on Tennessee's Capitol Hill.

Knoxville Senator Stacey Campfield even signed his name to stand out like it was John Hancock.

The pledge board that went up Monday shows public support of a bill that would gradually repeal most of what's called the Hall Income Tax.

The law imposes a six-percent annual tax investment and dividends income.

The bill would gradually lower the tax over a series of years to 2.25 percent.

Senior couples filing jointly are exempt from the tax entirely if their income is below $59,000.  Senior single filers are exempt from the tax if their income is below $33,000. 

The pledge board is the idea of the Tennessee chapter of Americans for Prosperity.

Its state executive director Andrew Ogles told News 2 that the Hall Income Tax is "driving retirees out of Tennessee, and keeping them from coming here."

He said the current bill repealing the tax makes provisions for years like 2014 where there is a budget shortfall.

"The rate would not be reduced in those years, it would stay the same," added Ogles.

Rep. Steve McManus, who works for an investment firm, told News 2 he hears from his clients every day saying, "When are you going to repeal the Hall [Income] tax?"

The bill repealing the tax is expected to be in several committees next week. 

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