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Bill > SB0986
TN SB0986
TN SB0986AN ACT to amend Tennessee Code Annotated, Section 67-4-409, relative to transfers of realty.
summary
Introduced
02/05/2025
02/05/2025
In Committee
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 50% of recordation taxes collected from real property transfers be returned to the county where the property is located. Recordation taxes are fees paid when real estate ownership is officially recorded with local government. Currently, these taxes are fully collected by the state department of revenue, but this legislation mandates that half of the revenue be remitted back to the originating county. The change would apply to all real property transfers on or after July 1, 2025, providing counties with a significant new source of local revenue. This bill aims to give counties a more direct financial benefit from real estate transactions occurring within their jurisdictions, potentially helping to fund local infrastructure, services, or other county-level needs. The legislation specifically modifies Section 67-4-409 of the Tennessee Code Annotated and is designed to take effect on July 1, 2025.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Passed on Second Consideration, refer to Senate State and Local Government Committee (on 02/12/2025)
bill text
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=SB0986&ga=114 |
| Fiscal Note - SB0986 | https://www.capitol.tn.gov/Bills/114/Fiscal/SB0986.pdf |
| BillText | https://www.capitol.tn.gov/Bills/114/Bill/SB0986.pdf |
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