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Lowe Finney

Tagged in: Taxes, Business

Latest Update: Sunday, October, 12th 2008

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Companion Bill HB3286.

Taxes, Business - Adds real estate licensees and brokerage firms to those excluded from Category 3 for the purposes of business tax. - Amends TCA Title 67.

Fiscal Summary for SB3549 / *HB3286

Decrease State Revenue - Exceeds $808,600 Decrease Local Revenue - Exceeds $597,700


Bill Summary for SB3549 / *HB3286

Generally, a person who provides or sells a service is taxed under Classification 3 for purposes of the business tax. In addition to a minimum tax of $15.00, the tax rate for Classification 3 is:

(1) 3/16 of 1 percent of all the retail sales of the business; and
(2) 3/80 of 1 percent of all the wholesale sales of the business.

There are several types of services exempted from this tax. This bill adds services provided by real estate licensees and brokerage firms to those exempted services.
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Latest Actions
  • 01/29/2008 - Referred to Senate Tax Sub Comm.
  • 01/23/2008 - Passed second consideration, Referred to Senate Finance, Ways and Means Comm.
  • 01/17/2008 - Introduced, Passed first consideration
  • 01/17/2008 - Filed for Introduction
Bill Text
File name Last Updated
SB3549 Bill Text PDF01/21/2008

Fiscal Notes
File name Last Updated
SB3549 Fiscal Notes PDF03/01/2008