Tennessee Senate Bill SB1122

Tennessee 2023-2024 Regular Session

• Introduced: 1/31/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 4, Part 17, relative to taxation.

Impact

If enacted, SB1122 would directly influence how lobbyists and financial professionals are taxed in Tennessee, replacing outdated provisions with updated regulations. According to the proposed amendments, taxes would be levied on the privilege of engaging in specified professional occupations. This change may ensure more streamlined compliance for businesses and professionals that fall under these categories, aligning Tennessee's tax code with current industry practices.

Summary

Senate Bill 1122 aims to amend the Tennessee Code Annotated regarding the taxation of specific vocations and businesses, particularly focusing on lobbyists and financial professionals such as broker-dealers and investment advisers. The bill proposes changes to existing privilege tax regulations, ensuring that these professions are taxed under a new structure. The intent behind SB1122 is to update the tax framework to potentially close loopholes and ensure that relevant sectors contribute appropriately to state revenues.

Contention

While the intent of SB1122 centers on modernizing existing tax regulations, potential points of contention may arise around how these taxes could affect the lobbying industry and financial services sector. Stakeholders might express concerns regarding the increased financial burden on lobbyists and investment firms or may lobby against perceived overreach by the state in regulating their operations. The debates in legislative circles are likely to focus on balancing adequate state revenue against the economic impacts of new taxation on sectors already scrutinized by the public.