AN ACT to amend Tennessee Code Annotated, Section 67-4-409, relative to transfers of realty.
Impact
This bill is poised to have a notable impact on county revenues as it redefines the distribution of realty transfer tax revenues. By returning half of the collected transfer taxes to the counties, it may enhance local government funding streams, enabling counties to better address local needs and projects. The implications of this change could vary widely, possibly benefiting counties that frequently engage in real estate transactions while establishing a new standard for revenue sharing relative to real estate transfers.
Summary
House Bill 0095 aims to amend Tennessee Code Annotated, specifically Section 67-4-409, which relates to the transfer of real property. The bill introduces a provision that mandates the Department of Revenue to remit back to each county fifty percent of the recordation taxes that are collected on the transfer of realty. The intention behind this bill is to allocate a significant portion of realty transfer tax revenues back to the counties, potentially providing them with additional funding for various local services and initiatives.
Sentiment
The general sentiment surrounding HB 0095 appears to be positive, especially among local government stakeholders who view the return of tax revenues as a means of supporting their fiscal health. However, there might also be apprehensive voices from broader state governance perspectives, concerned about the potential alignment of funding responsibilities and how effectively counties can leverage these new revenues. This sentiment reflects a broader tension between local and state fiscal policies.
Contention
Notable points of contention could arise regarding the balance of local versus state funding responsibilities. Some legislators may argue that while the bill is beneficial in returning funds to counties, it could also shift burdens on state funding mechanisms. Legislative debates may center on ensuring that the counties can manage these funds effectively, as well as discussing the long-term sustainability of such tax distribution methods.
AN ACT to amend Tennessee Code Annotated, Title 66; Section 67-4-409 and Title 67, Chapter 5, Part 10, relative to the Agricultural, Forest and Open Space Land Act of 1976.
AN ACT to amend Tennessee Code Annotated, Title 66; Section 67-4-409 and Title 67, Chapter 5, Part 10, relative to the Agricultural, Forest and Open Space Land Act of 1976.