HB2520 - Tennessee - Comptroller, State, Local Government, General

Local Government, General - Prohibits a local government from increasing the property taxes or lowering employee benefits as a result of implementing accounting and financial reporting standards established by the Governmental Accounting Standards Board (GASB). - Amends TCA Title 9, Chapter 3, Part 4.

Other Fiscal Impact - Local governments will redirect funds to maintain the current level of employee benefits. This may be done by increasing revenue by any method other than increasing property tax (such as increasing the local option sales tax or wheel tax) or by decreasing expenditures by any method other than lowering employee benefits.