Bill
Bill > HB0095
TN HB0095
TN HB0095AN ACT to amend Tennessee Code Annotated, Section 67-4-409, relative to transfers of realty.
summary
Introduced
01/09/2025
01/09/2025
In Committee
01/16/2025
01/16/2025
Crossed Over
Passed
Dead
Introduced Session
114th General Assembly
Bill Summary
As introduced, requires half the revenue collected from recordation taxes be returned to the county in which the real property is located on a recurring basis; applies to transfers of real property on or after July 1, 2025. - Amends TCA Section 67-4-409.
AI Summary
This bill amends Tennessee's tax code to require that the state's Department of Revenue return 50% of recordation taxes collected from real estate transfers back to the county where the property is located. Recordation taxes are fees paid when real estate property changes ownership and is officially recorded with local government. Currently, these taxes are fully collected by county registers and then remitted to the state, but this legislation would mandate that half of those tax revenues be sent back to the originating county. The bill specifies that this new provision will take effect on July 1, 2025, and will apply to all real property transfers on or after that date. This change could potentially provide additional funding for county-level services and infrastructure by ensuring that counties receive a significant portion of the tax revenue generated from property transfers within their jurisdiction.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Assigned to s/c Cities & Counties Subcommittee (on 01/28/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB0095&ga=114 |
| Fiscal Note - HB0095 | https://www.capitol.tn.gov/Bills/114/Fiscal/HB0095.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/HB0095.pdf |
Loading...