SB1999 - Tennessee - Taxes

Companion Bill HB1786. Taxes - Imposes certain requirements upon any governmental entity that chooses to discharge, reduce, delay, or otherwise compromise the payment of any tax receivables that have been previously sold. - Amends TCA Section 67-5-2012(a)(3)(A) and Section 67-5-2012(e)(4). Fiscal Summary for SB1999 / *HB1786 Increase Local Govt. Expenditures - Not Significant/Permissive Other Fiscal Impact - The sale of the right to a tax receivable is a sale of a right to cash flow at a future date. Any increase or decrease in local government revenues will depend upon the price for which such receivables are sold and whether or not the debt would have been collected in the absence of the sale. If such receivables are sold on a dollar for dollar basis, there will be no change in the net amount of revenue realized by local governments, assuming that all of those receivables [...]

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