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Bill > SB0826
TN SB0826
TN SB0826AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 4, Part 7, relative to business tax.
summary
Introduced
02/04/2025
02/04/2025
In Committee
Crossed Over
Passed
Dead
Introduced Session
114th General Assembly
Bill Summary
As introduced, exempts services furnished by persons engaged in the appraisal of real estate or real property from business tax. - Amends TCA Title 67, Chapter 4, Part 7.
AI Summary
This bill amends Tennessee's business tax code to create a new exemption for professional real estate and property appraisers. Specifically, the legislation adds a new subsection to the existing tax code that will exclude services provided by real estate appraisers from being subject to business tax. The bill modifies Section 67-4-708(3)(C) of the Tennessee Code by inserting a new subdivision (xvii) that explicitly exempts appraisal services from taxation. Additionally, the bill updates related language to reference the new subsection, ensuring that the legal text remains consistent. The exemption will take effect immediately upon the bill becoming law, with the stated rationale that it serves the public welfare. By providing this tax exemption, the legislation aims to reduce the financial burden on professional real estate appraisers and potentially make such services more affordable or accessible.
Committee Categories
Budget and Finance, Government Affairs
Sponsors (1)
Last Action
Placed on Senate Finance, Ways, and Means Committee calendar for 4/21/2025 (on 04/17/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0826&ga=114 |
| Fiscal Note - SB0826 | https://www.capitol.tn.gov/Bills/114/Fiscal/SB0826.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/SB0826.pdf |
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