Tennessee House Bill HB2949

Tennessee 2023-2024 Regular Session

• Introduced: 1/31/24

Caption

AN ACT to amend Tennessee Code Annotated, Title 5; Title 11; Title 12; Title 43 and Title 67, relative to tax credits.

Impact

If enacted, HB2949 will simplify compliance for taxpayers and the Department of Revenue by facilitating electronic submissions of tax credit reports. This amendment is expected to reduce paperwork and streamline processes, potentially increasing the uptake of tax credits by making them more accessible and easier to manage. Overall, this bill aligns with efforts to enhance the efficiency and effectiveness of state tax regulations.

Summary

House Bill 2949 proposes amendments to the Tennessee Code Annotated, specifically targeting provisions within Titles 5, 11, 12, 43, and 67, relating to tax credits. The primary aim is to modernize the administrative processes involved in tax credit reporting by allowing reports to be delivered electronically. This change is seen as a step towards more efficient tax administration and aligns with broader trends towards digitization in government processes.

Sentiment

The sentiment around HB2949 appears to be largely positive, as the transition to electronic reporting is generally viewed as a modernization effort that could benefit both the state and taxpayers. Supporters of the bill believe that this legislative action will improve tax administration without compromising the integrity of tax reporting processes.

Contention

While there does not seem to be strong opposition to HB2949 based on the current discussions and textual analysis, there may be concerns regarding the implementation of electronic reporting systems and whether all taxpayers have equal access to technology. The bill could stir discussions regarding digital equity, ensuring that no group is disadvantaged by moving towards a more digital tax reporting landscape.