TN
Tennessee House Bill HB0057

Tennessee 2025-2026 Regular Session

Tennessee House Bill HB0057 Compare Versions

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9-J enne&see Senate
10-PUBLIC CHAPTER NO. 18
11-SENATE BILL NO. 115
1+
2+SENATE BILL 115
123 By Powers
13-Substituted for: House Bill No. 57
14-By Moon, Wright, Rudd, McCalmon, Slater, Eldridge, Stinnett, Renea Jones
15-AN ACT to amend Tennessee Code Annotated, Title 6, Chapter 56, Part 1, relative to audits of
4+
5+HOUSE BILL 57
6+By Moon
7+
8+
9+HB0057
10+000790
11+- 1 -
12+
13+AN ACT to amend Tennessee Code Annotated, Title 6,
14+Chapter 56, Part 1, relative to audits of
1615 municipalities.
16+
1717 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
18-SECTION 1. Tennessee Code Annotated, Section 6-56-105(e), is amended by deleting the
19-subsection and substituting:
20-(e)(1) All such audits must be completed and submitted to the comptroller of the
21-treasury no later than six (6) months following the end of the municipality's fiscal year.
22-The preparer of the audit shall furnish one (1) copy of each audit to the mayor, chief
23-executive officer, each member of the governing body, and the comptroller of the
24-treasury. Copies of each audit must also be made available to the press.
25-(2) A municipality having two (2) or more outstanding late annual audits is
26-subject to the following penalty:
18+ SECTION 1. Tennessee Code Annotated, Section 6-56-105(e), is amended by deleting
19+the subsection and substituting:
20+ (e)
21+ (1) All such audits must be completed and submitted to the comptroller of
22+the treasury no later than six (6) months following the end of the municipality's
23+fiscal year. The preparer of the audit shall furnish one (1) copy of each audit to
24+the mayor, chief executive officer, each member of the governing body, and the
25+comptroller of the treasury. Copies of each audit must also be made available to
26+the press.
27+ (2) A municipality having two (2) or more outstanding late annual audits
28+is subject to the following penalty:
2729 (A) Sales tax revenue collected and distributed by the state to the
28-municipality is reduced by an amount mutually agreed upon by the comptroller
29-of the treasury and the commissioner of revenue. The sales tax revenue
30-reduction must not exceed fifteen percent (15%) of the total amount due to the
31-municipality in a fiscal year, until the municipality is in compliance with this
32-section;
33-(B) The amounts reduced as a penalty pursuant to this section are
34-held in reserve by the department of revenue and allocated to the municipality
35-after the municipality complies with this section as determined by the
36-comptroller of the treasury; and
37-(C) The comptroller of the treasury may waive a penalty assessed in
38-accordance with this subsection ( e) in accordance with policies and
30+municipality is reduced by an amount mutually agreed upon by the
31+comptroller of the treasury and the commissioner of revenue. The sales
32+tax revenue reduction must not exceed fifteen percent (15%) of the total
33+amount due to the municipality in a fiscal year, until the municipality is in
34+compliance with this section;
35+ (B) The amounts reduced as a penalty pursuant to this section
36+are held in reserve by the department of revenue and allocated to the
37+
38+
39+ - 2 - 000790
40+
41+municipality after the municipality complies with this section as
42+determined by the comptroller of the treasury; and
43+ (C) The comptroller of the treasury may waive a penalty assessed
44+in accordance with this subsection (e) in accordance with policies and
3945 procedures established by the comptroller.
40-SECTION 2._ This act takes effect July 1, 2025, the public welfare requiring it. PASSED:
41-SENATE BILL NO. 115
42-February 27, 2025
43-RANDY McftALL Y
44-SPEAKER OF THE StlNA TE
45-CAMl'MOWSEXTON, SPEAKER
46-HOUSE OF REPRESENTATIVES
47-APPROVED this [;;,:t=L day of lY) c;.YC Q , 2025
48--·~
49-BILL LEE, GOVERNOR
46+ SECTION 2. This act takes effect July 1, 2025, the public welfare requiring it.