Tennessee Senate Bill SB1196

Tennessee 2023-2024 Regular Session

• Introduced: 1/31/23

Caption

AN ACT to amend Tennessee Code Annotated, Title 67, Chapter 4, relative to privilege taxes.

Impact

The implications of SB1196 on state laws involve extending the period related to privilege tax regulations, which may affect businesses and individuals responsible for reporting these taxes. By increasing the duration from three to four years, the bill could potentially ease the tax burden by providing a longer timeline for compliance. This change may encourage greater adherence to reporting requirements and could reduce confusion among taxpayers regarding the provision of annual tax returns.

Summary

Senate Bill 1196 seeks to amend Tennessee Code Annotated, specifically Title 67, Chapter 4, which pertains to privilege taxes. The primary change proposed in the bill is a revision of the time frame that governs certain tax regulations. The bill suggests changing the current statute that mandates a duration of 'three (3) years' to 'four (4) years'. This amendment could have implications on how privilege taxes are assessed and the time frame for compliance and reporting for tax purposes. The bill will go into effect on July 1, 2023.

Contention

While the text of SB1196 itself does not highlight significant debate, changes to tax legislation can often inspire contention among various stakeholders. Opponents may argue that extending the tax period could complicate fiscal planning and budgeting for both the state and its residents. Furthermore, some might view the amendment as insufficient, advocating for broader reforms to tax policy or questioning the need for such a shift in duration when consistency and clarity in tax legislation are paramount.