Tax Fairness For Tennessee
November 1, 2007, 7:48pm
Tennessee is one of the few states without an income tax, but that could leave residents of the Volunteer State at a disadvantage when they go to itemize their federal income-tax exemptions.
The reason is that the federal government has a permanent write-off for income taxes, but the corresponding deduction for state and local sales taxes to benefit states like Tennessee is only temporary and is set to expire at the end of this year. Sen. Lamar Alexander, R-Tenn., wants to change that. Today, he urged the Senate to pass his legislation to make the write-off for sales taxes permanent.
“Losing this deduction would cost Tennesseans nearly a quarter of a billion dollars right out of their pockets each year,” he said in a floor speech. “Extending the state and local sales-tax deduction is the fair thing to do. It is the right thing to do.”
Categories: Tennessee, Lamar Alexander, Taxes
Subscribe to RSS