HB2296 - Tennessee: Drugs, Taxes, Taxes, Exemption And Credits, Taxes, Franchise, Taxes, Real Property

Companion Bill SB2198. Taxes - Enacts the "Local Tourism Development Zone Business Tax Act." - Amends TCA Title 67. Fiscal Summary for *HB2296 / SB2198State Revenues - Net Impact - Not Significant Bill Summary for *HB2296 / SB2198 This bill revises various provisions of the state's tax code, as follows: (1) Present law imposes a tax on the recordation of transfers of realty. Certain transfers are exempt from the tax, including transfers of real estate to a revocable living trust. This bill revises the exemption from the recordation tax regarding revocable trusts to instead exempt the transfers of real estate to a revocable living trust under which the real estate reverts back to the transferor if the trust is revoked. (2) Under present law, the minimum franchise tax payable under the Franchise Tax Law is $100. This bill [...]

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