Governor Haslam signed a bill on Tuesday, May 28, 2013, increasing the exemption level of tax for seniors (age 65 and over) to $33,000 for single filers and $59,000 for married filing joint filers. With married couples, at least one spouse must be age 65 or older in order to qualify for the exemption. The new legislation will take effect as of January 1, 2013.
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Please feel free to contact your tax advisor at The Marston Group, PLC if you have any questions about this new legislation and its requirements.