No State Income Tax
Tennessee’s tax laws are getting more favorable every year. The state does not tax individual wage income earned by its residents. The gift tax was repealed January 2012. The estate tax was repealed January 2016. Now, the only tax left is the Hall tax and it will be repealed January 2022. Thereby, making the state more friendly to business and helping retirees to feel more financially secure.
KIPLINGER rated Tennessee as the fifth best state to retire in 2018.This was based on financial factors including cost of living, tax burden and affordability of healthcare.
USNEWS: Tennessee is the top state for fiscal stability.
BIG 7 TRAVEL: Tennessee is the second most friendly state in the country .
Tennessee was #5 among U.S. states for new residents in 2019, as noted by REALTOR® magazine.