It’s NFL playoff time.
Congratulations to all the teams and the fans of the teams that made to this year’s playoffs.
Unfortunately, if you live in the Nashville area or elsewhere in the great state of Tennessee and are a Titans fan, the end of the season has been somewhat of a letdown.
Sure there were great moments, including a stomping of the Green Bay Packers and a late season win over the powerful Kansas City Chiefs on their field (which resembled a Siberian tundra that day).
But the disappointment of losing to the lowly Jaguars and missing the playoffs has left many Tennesseans with a gloomy attitude as 2016 heads for the exits.
Still, there is at least a bright spot on the Tennessee legal front as 2017 makes its way into our lives.
At the end of the year, one can often find articles about changes that have come in the old year or changes on the horizon in the coming year. One such article appeared in the Forbes online website – read it here.
And guess what? Tennessee is Number 1 on the list of the 5 best state and local tax policy changes of 2016.
What is that winning change in the legal landscape of tax policy that has rocketed Tennessee to the top of the charts as the calendar turns from 2016 to 2017?
Tennessee has passed legislation that eliminates the so-called Hall Income Tax (over time, it’s true, but still–we got to take our tax victories where we can find them). By doing away with the 6% Hall Income Tax on dividends and interest, Tennessee becomes the first state in a generation (36 years to be exact) to eliminate its state income tax.
Now, the elimination of the Hall Income Tax is phased in over a number of years, with a 1% reduction each year that certain revenue targets are met, but no matter what happens (i.e., the come hell or high water rule), the Hall Income Tax will be gone in 2022.
So, all you Titans fans who are crying in your beer over missing the playoffs–if you have dividend or interest income, take heart! The mean old Hall Income Tax is on its way out the door over the next 6 years. Let’s hope that we won’t have to wait that long to see the Titans in the NFL playoffs. And with the current team, I can hardly wait until next year!
Happy New Year!