Bill > HB1247

This bill amends Tennessee's sales and use tax law to provide a $20 exemption for purchases made with physical cash, which is specifically defined to include traditional paper money, coins, and notably, physical gold and silver. The exemption applies only to the sales tax imposed under the current chapter, and does not affect other potential taxes such as those related to alcoholic beverages or other state regulations. By defining "physical cash" to explicitly include gold and silver, the bill appears to encourage the use of these alternative forms of currency while providing a modest tax break for small cash transactions. The new provision will take effect on July 1, 2025, giving businesses and tax authorities time to prepare for the implementation of this exemption. The bill aims to provide a slight financial benefit to consumers who choose to pay with physical currency, potentially supporting local cash-based transactions and offering a minor incentive for using traditional or precious metal-based tender.

Budget and Finance

https://wapp.capitol.tn.gov/apps/Billinfo/default.aspx?BillNumber=HB1247&ga=114