Taxes, Inheritance Gift - As enacted, eliminates the gift tax effective January 1, 2012; does not absolve taxpayer of any liability for tax duly imposed prior to January 1, 2012. - Amends TCA Title 67, Chapter 8, Part 6; Title 67, Chapter 8, Part 1 and Title 67, Chapter 8, Part 4.
SB2777 has been assigned Public Chapter Number 1085 by the Secretary of State.
  • Bill History
  • Amendments
  • Video
  • Summary
  • Fiscal Note
  • Votes
  • Actions For SB2777Date
    Pub. Ch. 1085 05/29/2012
    Effective date(s) 05/21/1205/29/2012
    Signed by Governor05/21/2012
    Transmitted to Gov. for action.05/09/2012
    Signed by H. Speaker05/09/2012
    Signed by S. Speaker05/08/2012
    Enrolled and ready for signatures05/04/2012
    S. concurred in H. am. 105/01/2012
    Passed H., as am., Ayes 79, Nays 10 05/01/2012
    H. adopted am.(Amendment 1 of 0 - HA1395)05/01/2012
    Subst. for comp. HB.05/01/2012
    Sponsor(s) Added.05/01/2012
    Sponsor(s) Added.04/30/2012
    Engrossed; ready for transmission to House04/30/2012
    Passed S. as am., Ayes 30, Nays 304/30/2012
    S. adopted am.(Amendment 1 of 0 - SA1369)04/30/2012
    Placed on Senate Regular Calendar 2 cal. for 4/30/201204/30/2012
    Rec. for pass. w/ am., ref. to S. Cal. Comm. Ayes 9, Nays 1 PNV 004/27/2012
    Placed on S. FW&M Comm. cal. for 4/27/201204/27/2012
    Action Def. in S. Tax Sub of F,W&M Comm. to 4/27/2012 04/26/2012
    Placed on S. FW&M Comm. cal. for 4/26/201204/26/2012
    Assigned to Gen. Sub of: S. FW&M Comm.04/25/2012
    Placed on S. FW&M Comm. cal. for 4/25/201204/25/2012
    Action Def. in S. FW&M Comm. to 4/25/201204/24/2012
    Sponsor(s) Added.04/24/2012
    Placed on S. FW&M Comm. cal. for 4/24/201204/24/2012
    Action Def. in S. FW&M Comm. to 4/24/201204/23/2012
    Placed on S. FW&M Comm. cal. for 4/23/201204/20/2012
    Action Def. in S. FW&M Comm. to 4/18/201204/17/2012
    Placed on S. FW&M Comm. cal. for 4/17/201204/11/2012
    Ref. to S. F,W&M w/ recommend03/14/2012
    Placed on S. Tax Sub Committee of F,W&M. cal. for 3/14/201203/13/2012
    Action Def. in S. Tax Sub Committee of F,W&M. to 3/14/201203/13/2012
    Placed on S. Tax Sub Committee of F,W&M. cal. for 3/13/201203/07/2012
    Action Def. in S. Tax Sub Comm. to next cal.02/28/2012
    Placed on S. Tax Sub Committee of F,W&M. cal. for 2/28/201202/22/2012
    Action def. in S. Tax Sub Comm. to next cal.02/21/2012
    Placed on S. Tax Sub Committee of F,W&M. cal. for 2/21/201202/15/2012
    Ref. to S. Tax Sub Comm.01/31/2012
    Sponsor(s) Added.01/26/2012
    P2C, ref. to S. FW&M Comm.01/26/2012
    Intro., P1C.01/25/2012
    Filed for intro.01/23/2012
    Actions For HB2840Date
    Comp. became Pub. Ch. 108505/29/2012
    Sponsor(s) Added.05/01/2012
    Comp. SB subst. 05/01/2012
    H. Placed on Regular Calendar for 4/30/201204/30/2012
    Placed on cal. Calendar & Rules Committee for 4/30/201204/30/2012
    Rec. for Pass. if Am. ref. to: Calendar & Rules Committee04/30/2012
    Placed on cal. Finance, Ways & Means Committee for 4/30/201204/30/2012
    Sponsor(s) Added.04/30/2012
    Rec. for pass. if am. by s/c ref. to Finance, Ways & Means Committee04/30/2012
    Placed on s/c cal Finance Subcommittee for 4/24/201204/24/2012
    Sponsor(s) Added.04/11/2012
    Sponsor(s) Added.03/28/2012
    Placed Behind the Budget 03/07/2012
    Placed on s/c cal Finance Subcommittee for 3/7/201202/29/2012
    Action Def. in s/c Finance Subcommittee to 3/7/201202/29/2012
    Placed on s/c cal Finance Subcommittee for 2/29/201202/22/2012
    Assigned to s/c Finance Subcommittee01/25/2012
    P2C, ref. to Finance, Ways & Means Committee01/25/2012
    Intro., P1C.01/23/2012
    Filed for intro.01/19/2012
  • AmendmentsFiscal Memos
    SA1369Amendment 1-1 to SB2777Fiscal Memo for SA1369 (14676)  
    AmendmentsFiscal Memos
    HA1395Amendment 1-1 to HB2840Fiscal Memo for HA1395 (17375)  

    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: SB2777

  • Fiscal Summary

    Not Available


    Bill Summary

    This bill would repeal the gift tax beginning January 1, 2013. Present law imposes a tax on gifts made in a particular tax year to close relatives that exceed $10,000 in value and on gifts that exceed $5,000 in value that are made to other persons or corporations. Under present law, the gift tax rate depends on the amount of the gift and to whom the gift is made. Generally, the gift tax is graduated so that the rate of tax on the first $10,000 to $25,000 is significantly less than the rate of tax on any amount over $500,000. The rate of the gift tax is generally higher on gifts made to distant and non-relatives than on gifts made to close relatives.

    ON APRIL 30, 2012, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 2777, AS AMENDED.

    AMENDMENT #1 changes the date on which the gift tax will be repealed from January 1, 2013, to October 1, 2012, and specifies that this bill will not absolve a taxpayer of liability for any gift tax liability during any tax year that began prior to January 1, 2013.

    ON MAY 1, 2012, THE HOUSE SUBSTITUTED SENATE BILL 2777 FOR HOUSE BILL 2840, ADOPTED AMENDMENT #1, AND PASSED SENATE BILL 2777, AS AMENDED.

    AMENDMENT #1 specifies that the gift tax would be repealed and would not apply to any transfer by gift made on or after "January 1, 2012", instead of "January 1, 2013".

  • No fiscal note for this bill.
  • House Floor and Committee Votes

    House moved to substitute and conform to HB2840

    SB2777 by McNally - FLOOR VOTE: AS AMENDED PASSAGE ON THIRD CONSIDERATION 5/1/2012
    Passed
              Ayes...............................................79
              Noes...............................................10

              Representatives voting aye were: Alexander, Armstrong, Bass, Brooks H, Brooks K, Butt, Campbell, Carr, Casada, Casada, Cobb, Coley, Curtiss, Dean, DeBerry J, Dennis, Dunn, Elam, Eldridge, Evans, Faison, Fitzhugh, Fitzhugh, Floyd, Ford, Forgety, Gilmore, Gotto, Halford, Hall, Harrison, Harwell, Hawk, Hawk, Haynes, Hensley, Hill, Holt, Hurley, Johnson C, Johnson C, Johnson P, Keisling, Kernell, Lollar, Maggart, Marsh, Matheny, Matlock, McCormick, McCormick, McDaniel, McDaniel, McManus, Miller D, Miller L, Niceley, Odom, Pitts, Pody, Powers, Pruitt, Ragan, Ramsey, Rich, Roach, Sanderson, Sargent, Sexton, Shaw, Shepard, Shipley, Sparks, Stewart, Swann, Tidwell, Todd, Watson, Weaver, White, Williams K, Williams R, Windle, Wirgau, Womick, Mr. Speaker Harwell, Mr. Speaker Williams K -- 79.
              Representatives voting no were: Hardaway, Jones S, McDonald, Moore, Parkinson, Richardson, Sontany, Towns, Turner J, Turner M -- 10.

              HB2840 by Sargent - HOUSE CALENDAR & RULES COMMITTEE:
    Recommended for passage - refer to: House Regular Calendar 1 4/30/2012
              Voice Vote - Ayes Prevail

              HB2840 by Sargent - HOUSE FINANCE, WAYS & MEANS COMMITTEE:
    Recommended for passage w/amendments- refer to: Calendar & Rules Committee 4/30/2012
              Voice Vote - Ayes Prevail

              HB2840 by Sargent - HOUSE FINANCE, WAYS & MEANS SUBCOMMITTEE:
    Recommended for passage w/amendments- refer to: Finance, Ways & Means Committee 4/24/2012
              Voice Vote - Ayes Prevail

    Senate Floor and Committee Votes

    SB2777 by McNally - FLOOR VOTE: CONCUR IN HOUSE AMEND# 1 5/1/2012
    Passed
              Ayes...............................................29
              Noes................................................2

              Senators voting aye were: Barnes, Beavers, Bell, Berke, Burks, Campfield, Faulk, Finney L, Ford, Gresham, Harper, Haynes, Johnson, Kelsey, Ketron, Kyle, Massey, McNally, Norris, Overbey, Ramsey, Roberts, Southerland, Stewart, Summerville, Tate, Tracy, Watson, Yager, Mr. Speaker McNally, Mr. Speaker Ramsey -- 29.
              Senators voting no were: Herron, Marrero -- 2.

    SB2777 by McNally - FLOOR VOTE: THIRD CONSIDERATION AMENDED 4/30/2012
    Passed
              Ayes...............................................30
              Noes................................................3

              Senators voting aye were: Barnes, Beavers, Bell, Berke, Burks, Campfield, Crowe, Faulk, Finney L, Ford, Gresham, Harper, Haynes, Johnson, Kelsey, Ketron, Kyle, Massey, McNally, Norris, Overbey, Ramsey, Roberts, Southerland, Stewart, Summerville, Tate, Tracy, Watson, Yager, Mr. Speaker McNally, Mr. Speaker Ramsey -- 30.
              Senators voting no were: Henry, Herron, Marrero -- 3.

    SB2777 by McNally - SENATE FINANCE, WAYS AND MEANS COMMITTEE:
    Recommended for passage w/amendments- refer to: S. Cal. Comm. 4/27/2012
    Passed
              Ayes................................................9
              Noes................................................1

              Senators voting aye were: Finney L, Gresham, Haynes, Kelsey, Ketron, McNally, Norris, Overbey, Watson, Mr. Speaker McNally -- 9.
              Senators voting no were: Henry -- 1.