Tennessee House Bill HB0586

Tennessee 2023-2024 Regular Session

• Introduced: 1/26/23
• Refer: 2/1/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 4, Part 17, relative to the professional privilege tax.

Impact

The passage of HB 586 would directly affect the regulations surrounding the professional privilege tax in Tennessee. By delineating which professionals are subject to this tax, the bill influences the financial obligations of lobbyists and financial advisers. This change could also necessitate alterations in how these professionals report their activity and fulfill their tax duties, potentially resulting in increased revenues for the state from the specified professions.

Summary

House Bill 586 aims to amend the professional privilege tax imposed by Tennessee law. Specifically, it introduces revisions to Tennessee Code Annotated, Title 67, Chapter 4, Part 17. The bill proposes a tax to be levied on individuals engaging in specific professional activities, including lobbyists and those licensed as agents, broker-dealers, or investment advisers. This adjustment seeks to clarify and modify the mechanisms by which professional privileges are taxed in the state.

Contention

Some potential points of contention around HB 586 could include debates over fairness and equity in taxing various professional groups. Advocates for the bill may argue that all professions engaging with state authorities should contribute fairly through this tax. Conversely, opponents might consider this tax an undue burden on specific categories of professionals, particularly those who may not generate significant income.