Tennessee Code 7-64-203 – Determining income limitation.
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Terms Used In Tennessee Code 7-64-203
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Person: includes a corporation, firm, company or association. See Tennessee Code 1-3-105
- Property: includes both personal and real property. See Tennessee Code 1-3-105
[For contingent amendment, see the Compiler’s Notes.]
Any taxpayer who owns residential property as such taxpayer’s principal place of residence, whose combined annual income from all sources is less than twelve thousand dollars ($12,000), or in the event of a married couple or in the event more than one (1) person is living permanently in the principal residence, this limitation of twelve thousand dollars ($12,000) on income from all sources shall apply to the combined income of both the husband and wife and/or all family members residing in the residence.