Taxes, Inheritance Gift - As enacted, increases the maximum allowable exemption from the inheritance tax incrementally over next three years; eliminates the inheritance tax beginning in 2016. - Amends TCA Title 67, Chapter 8.
Companion bill has been assigned Public Chapter Number 1057 by the Secretary of State.
  • Bill History
  • Amendments
  • Video
  • Summary
  • Fiscal Note
  • Votes
  • Actions For SB3762Date
    Comp. became Pub. Ch. 105705/29/2012
    Sponsor(s) Added.04/27/2012
    Am. withdrawn.(Amendment 3 - SA1320)04/27/2012
    Am. withdrawn.(Amendment 2 - SA1319)04/27/2012
    Am. 1 tabled 04/27/2012
    Comp. HB Subst (sends SB to dead bill file)04/27/2012
    Placed on Senate Regular Calendar cal. for 4/27/201204/26/2012
    S. Reset on cal. for 4/27/201204/26/2012
    Placed on Senate Regular Calendar 2 cal. for 4/26/201204/26/2012
    S. Reset on cal. for 4/26/201204/25/2012
    Rec. for pass. w/ am., ref. to S. Cal. Comm. Ayes 11, Nays 0 PNV 004/25/2012
    Placed on S. FW&M Comm. cal. for 4/25/201204/25/2012
    Placed on Senate Regular Calendar 2 cal. for 4/25/201204/24/2012
    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
    Sponsor(s) Added.04/23/2012
    Action Def. in S. FW&M Comm. to 4/24/201204/23/2012
    Placed on Senate Regular Calendar cal. for 4/24/201204/20/2012
    Placed on S. FW&M Comm. cal. for 4/23/201204/20/2012
    Sponsor(s) Added.04/20/2012
    Action Def. in S. FW&M Comm. to 4/23/201204/19/2012
    Placed on S. FW&M Comm. cal. for 4/19/201204/19/2012
    Action Def. in S. FW&M Comm. to 4/19/201204/18/2012
    Placed on S. FW&M Comm. cal. for 4/18/201204/18/2012
    Action Def. in S. FW&M Comm. to 4/18/201204/17/2012
    Sponsor(s) Added.04/16/2012
    Placed on S. FW&M Comm. cal. for 4/17/201204/11/2012
    Action Def. in S. FW&M Comm. to 4/17/201204/10/2012
    Placed on S. FW&M Comm. cal. for 4/10/201204/04/2012
    Sponsor(s) Added.03/27/2012
    Sponsor(s) Added.03/19/2012
    Sponsor(s) Added.03/15/2012
    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 Comm. to 3/14/1203/13/2012
    Placed on S. Tax Sub Committee of F,W&M. cal. for 3/13/201203/07/2012
    Ref. to S. Tax Sub Comm.02/07/2012
    P2C, ref. to S. F,W&M Comm.02/02/2012
    Intro., P1C.02/01/2012
    Filed for intro.01/30/2012
    Actions For HB3760Date
    Pub. Ch. 1057 05/29/2012
    Effective date(s) 05/21/1205/29/2012
    Signed by Governor.05/21/2012
    Transmitted to Governor for his action.05/09/2012
    Signed by S. Speaker05/08/2012
    Signed by H. Speaker05/03/2012
    Enrolled; ready for sig. of H. Speaker.05/03/2012
    Passed S., Ayes 32, Nays 104/27/2012
    S. Subst. HB for comp. SB.04/27/2012
    Rcvd. from H., P1C.04/16/2012
    Engrossed; ready for transmission to Sen.04/12/2012
    Passed H., as am., Ayes 88, Nays 8 04/12/2012
    H. adopted am.(Amendment 2 of 0 - HA1087)04/12/2012
    H. adopted am.(Amendment 1 of 0 - HA1086)04/12/2012
    Sponsor(s) Added.04/12/2012
    Sponsor(s) Added.04/10/2012
    H. Placed on Regular Calendar for 4/12/201204/10/2012
    Placed on cal. Calendar & Rules Committee for 4/10/201204/09/2012
    Sponsor(s) Added.04/04/2012
    Rec. for Pass. if Am. ref. to: Calendar & Rules Committee04/03/2012
    Sponsor(s) Added.04/03/2012
    Placed on cal. Finance, Ways & Means Committee for 4/3/201203/28/2012
    Sponsor(s) Added.03/28/2012
    Sponsor(s) Added.03/26/2012
    Rec. for pass. if am. by s/c ref. to Finance, Ways & Means Committee03/21/2012
    Placed on s/c cal Finance Subcommittee for 3/21/201203/14/2012
    Sponsor(s) Added.03/05/2012
    Assigned to s/c Finance Subcommittee02/02/2012
    P2C, ref. to Finance, Ways & Means Committee02/02/2012
    Intro., P1C.02/01/2012
    Filed for intro.01/30/2012
  • AmendmentsFiscal Memos
    SA1306Amendment 1- to SB3762 
    SA1319Amendment 2-1 to SB3762Fiscal Memo for SA1319 (15196)  
    SA1320Amendment 3-2 to SB3762Fiscal Memo for SA1320 (15203)  
    AmendmentsFiscal Memos
    HA1086Amendment 1-1 to HB3760Fiscal Memo for HA1086 (15196)  
    HA1087Amendment 2-2 to HB3760Fiscal Memo for HA1087 (15203)  

    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: SB3762

  • Fiscal Summary

    Decrease State Revenue - Net Impact - $14,191,100/FY13-14 and Subsequent Years Increase Local Revenue - $207,100/FY13-14 and Subsequent Years According to the Department of Finance and Administration, the Division of Budget, the Governors proposed budget for FY12-13 reflects a non-recurring increase in state revenue of $15,000,000 (reflecting a portion of FY12-13 inheritance tax revenue collected under current law) and a recurring decrease in state revenue of $15,000,000 (beginning in FY13-14 under this bill).


    Bill Summary

    ON APRIL 12, 2012, THE HOUSE ADOPTED AMENDMENTS #1 AND #2 AND PASSED HOUSE BILL 3760, AS AMENDED.

    AMENDMENT #1 rewrites this bill to increase the maximum allowable exemption from the inheritance tax (presently $1,000,000) as follows:

    (1) In 2013, $1,250,000;
    (2) In 2014, $2,000,000; and
    (3) In 2015 and thereafter, $5,000,000.

    AMENDMENT #2 eliminates the inheritance tax beginning in 2016.

  • FiscalNote for SB3762/HB3760 filed under SB3762
  • House Floor and Committee Votes

    HB3760 by McCormick - FLOOR VOTE: AS AMENDED PASSAGE ON THIRD CONSIDERATION 4/12/2012
    Passed
              Ayes...............................................88
              Noes................................................8

              Representatives voting aye were: Alexander, Armstrong, Bass, Brooks H, Brooks K, Brown, Butt, Campbell, Camper, Carr, Casada, Casada, Cobb, Coley, Curtiss, Dean, DeBerry J, DeBerry L, Dennis, Dunn, Elam, Eldridge, Evans, Faison, Favors, Fitzhugh, Fitzhugh, Floyd, Forgety, Gilmore, Gotto, Halford, Hall, Hardaway, Harmon, Harrison, Harwell, Hawk, Hawk, Haynes, Hensley, Hill, Holt, Hurley, Johnson C, Johnson C, Johnson P, Keisling, Lollar, Lundberg, Maggart, Marsh, Matheny, Matlock, McCormick, McCormick, McDaniel, McDaniel, McManus, Miller D, Miller L, Montgomery, Naifeh, Niceley, Odom, Parkinson, Pitts, Pody, Powers, Pruitt, Ragan, Ramsey, Rich, Roach, Sanderson, Sargent, Sexton, Shaw, Shepard, Shipley, Sparks, Swann, Tidwell, Tindell, Todd, Towns, Watson, Weaver, White, Williams K, Williams R, Windle, Wirgau, Womick, Mr. Speaker Harwell, Mr. Speaker Naifeh, Mr. Speaker Williams K -- 88.
              Representatives voting no were: Cooper, Jones S, Kernell, Moore, Richardson, Sontany, Stewart, Turner M -- 8.

    HB3760 by McCormick - FLOOR VOTE: PREVIOUS QUESTION AS AMENDED PASSAGE ON THIRD CONSIDERATION 4/12/2012
    Passed
              Ayes...............................................65
              Noes...............................................27

              Representatives voting aye were: Alexander, Brooks H, Brooks K, Butt, Campbell, Carr, Casada, Casada, Cobb, Coley, Dean, Dennis, Elam, Eldridge, Evans, Faison, Floyd, Forgety, Gotto, Halford, Hall, Harrison, Harwell, Hawk, Hawk, Haynes, Hensley, Hill, Holt, Hurley, Johnson C, Johnson C, Johnson P, Keisling, Lundberg, Maggart, Marsh, Matheny, Matlock, McCormick, McCormick, McDaniel, McDaniel, McManus, Miller D, Montgomery, Niceley, Pody, Powers, Pruitt, Ragan, Ramsey, Rich, Roach, Sanderson, Sargent, Sexton, Shipley, Sparks, Swann, Tindell, Todd, Watson, Weaver, White, Williams K, Williams R, Windle, Wirgau, Womick, Mr. Speaker Harwell, Mr. Speaker Williams K -- 65.
              Representatives voting no were: Bass, Brown, Camper, Cooper, Curtiss, DeBerry J, Dunn, Favors, Fitzhugh, Fitzhugh, Gilmore, Hardaway, Harmon, Jones S, Kernell, Miller L, Moore, Naifeh, Odom, Parkinson, Pitts, Richardson, Shaw, Shepard, Sontany, Stewart, Tidwell, Towns, Mr. Speaker Naifeh -- 27.

              HB3760 by McCormick - HOUSE CALENDAR & RULES COMMITTEE:
    Recommended for passage - refer to: House Regular Calendar 1 4/10/2012
              Voice Vote - Ayes Prevail

              HB3760 by McCormick - HOUSE FINANCE, WAYS & MEANS COMMITTEE:
    Recommended for passage w/amendments- refer to: Calendar & Rules Committee 4/3/2012
              Voice Vote - Ayes Prevail Rep.(s) Brown requested to be recorded as voting No

              HB3760 by McCormick - HOUSE FINANCE, WAYS & MEANS SUBCOMMITTEE:
    Recommended for passage w/amendments- refer to: Finance, Ways & Means Committee 3/21/2012
              Voice Vote - Ayes Prevail

    Senate Floor and Committee Votes

    Senate moved to substitute and conform to HB3760

    HB3760 by McCormick - FLOOR VOTE: THIRD CONSIDERATION 4/27/2012
    Passed
              Ayes...............................................32
              Noes................................................1

              Senators voting aye were: Barnes, Beavers, Bell, Berke, Burks, Campfield, Crowe, Faulk, Finney L, Ford, Gresham, Harper, Haynes, Henry, Johnson, Kelsey, Ketron, Kyle, Marrero, Massey, McNally, Norris, Overbey, Ramsey, Roberts, Southerland, Stewart, Summerville, Tate, Tracy, Watson, Yager, Mr. Speaker McNally, Mr. Speaker Ramsey -- 32.
              Senators voting no were: Herron -- 1.

    HB3760 by McCormick - FLOOR VOTE: LAY ON THE TABLE MOTION TO ADOPT AMEND# 1 BY Herron 4/27/2012
    Passed
              Ayes...............................................20
              Noes...............................................12

              Senators voting aye were: Beavers, Bell, Campfield, Crowe, Faulk, Gresham, Johnson, Kelsey, Ketron, Massey, McNally, Norris, Overbey, Ramsey, Roberts, Southerland, Summerville, Tracy, Watson, Yager, Mr. Speaker McNally, Mr. Speaker Ramsey -- 20.
              Senators voting no were: Barnes, Berke, Burks, Ford, Harper, Haynes, Henry, Herron, Kyle, Marrero, Stewart, Tate -- 12.

    SB3762 by Norris - SENATE FINANCE, WAYS AND MEANS COMMITTEE:
    Recommended for passage w/amendments- refer to: S. Cal. Comm. 4/25/2012
    Passed
              Ayes...............................................11
              Noes................................................0

              Senators voting aye were: Finney L, Gresham, Haynes, Henry, Kelsey, Ketron, Kyle, McNally, Norris, Overbey, Watson, Mr. Speaker McNally -- 11.