AN ACT to amend Tennessee Code Annotated, Title 67, relative to taxation.
Impact
The amendment is set to take effect upon becoming law, which suggests that it addresses an important timeline factor within the existing tax framework. By extending the timeline to 2031, the bill may impact projections related to state revenue and tax compliance from businesses and residents alike. This change could foster a smoother transition in tax responsibilities, allowing for better planning and adjustment periods for taxpayers ahead of the new compliance dates.
Summary
Senate Bill 2085 aims to amend the Tennessee Code Annotated, specifically Title 67, which relates to taxation. The significant change proposed in this legislation is the adjustment of a date from '2030' to '2031' in Section 67-6-106. This simple yet specific amendment is indicative of a broader examination of tax timelines and their implications for compliance and state revenue generation.
Contention
There may be points of contention surrounding the bill, particularly regarding its implications for various stakeholders who interact with the tax code. Stakeholders, including business owners and tax professionals, could have differing perspectives on the benefits or drawbacks of the extended deadline. Ultimately, any debate will hinge on the potential effects on tax planning and compliance strategies across the state, with advocates for the bill likely arguing for its necessity and simplified approach, while opponents may call for more comprehensive reforms.