Another good reason to live in Bristol is that Tennessee doesn't have a state
income tax.
Tennessee
does, however, have a tax that is imposed only on individuals and other
entities receiving interest from bonds and notes and dividends from stock. That tax - the Hall Income Tax (don't let the
name confuse you) - has been around for over 80 years. An income tax - but only on a portion of
income - and only to some.
The
tax is payable at the rate of 6% of the taxable interest and dividend income
exceeding $1,250 or $2,500 for joint filers.
Persons over age 65 with total income less
than $16,200 for a single filer or $27,000 for a joint filer are exempt.
The
good news is that the payment is shared with the city in which the filer resides. So once a year each July, a check is received
for our 3/8ths share of the tax remitted by Bristol residents.
The
payment this year just came in just under $383,000 - a tidy sum at the end of
the fiscal year.
We
wish it was more as that signifies the aggregate wealth of our community is greater
- and that's a really good thing.
