AN ACT to amend Tennessee Code Annotated, Title 5; Title 6; Title 7 and Title 67, Chapter 4, Part 29, relative to revenue from development.
This legislation intends to gather data that can inform future amendments to the respective parts of the Tennessee Code, thereby enhancing its functionality and overall effectiveness. By entrusting TACIR with this review, the bill is designed to ensure that unutilized tax options are reassessed, potentially leading to increased compliance and equity in local revenue generation across the state. The findings will culminate in a report due by January 30, 2025, intended for both the state and local government committees in the legislature.
House Bill 2608 aims to amend various sections of the Tennessee Code Annotated concerning revenue from development. Specifically, it introduces a mandate for the Tennessee Advisory Commission on Intergovernmental Relations (TACIR) to conduct a comprehensive review focused on the effects of the current tax structures on counties that lack local enactment authority. The bill seeks to evaluate why certain eligible counties have not implemented the taxation provisions presently available to them under the law.
Points of contention surrounding HB2608 could revolve around the degree of authority local governments should retain regarding tax enforcement and the processes that the TACIR will use to conduct its review. There may be concerns regarding whether the analysis will adequately address the unique needs of counties that have historically been left out of local revenue opportunities. Additionally, stakeholders may debate the implications of such a review on local autonomy versus state oversight of taxation and development policies.