HB0885 - Tennessee - County Government, Taxes

Companion Bill SB1250. Taxes - Authorizes the county legislative body of any county to impose an additional tax by ordinance in an amount to be determined by the county legislative body on all transfers of realty in the same manner as provided for the tax imposed for state purposes. - Amends TCA Section 67-4-409. Fiscal Summary for *HB0885 / SB1250Other Fiscal Impact - Impact to local governments is dependent upon the number of adopted county resolutions and the rate imposed on each transfer of property. To the extent 50% of all Tennessee counties adopt the necessary resolutions and impose realty transfer taxes at the established state rate, there would be a permissive increase in local government revenues of $74,750,000. Bill Summary for *HB0885 / SB1250 Present law taxes the privilege of recording deeds and other instruments [...]

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