HOUSE BILL 691
By Baum
SENATE BILL 784
By Walley
SB0784
002403
- 1 -
AN ACT to amend Tennessee Code Annotated, Section
67-4-2109, relative to tax credits for financial
institutions.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 67-4-2109(h)(1)(B), is amended by
deleting the subdivision and substituting instead:
(B) Three percent (3%) annually of the month-end average unpaid principal
balance of a qualified loan made to an eligible housing entity for any eligible activity for
the financial institution's fiscal year life of the loan or fifteen (15) years, whichever is
earlier.
SECTION 2. Tennessee Code Annotated, Section 67-4-2109(h)(2)(B), is amended by
deleting the subdivision and substituting instead:
(B) Five percent (5%) annually of the month-end average unpaid principal
balance of a qualified low-rate loan made to an eligible housing entity for any eligible
activity for the financial institution's fiscal year life of the loan or fifteen (15) years,
whichever is earlier.
SECTION 3. This act takes effect July 1, 2025, the public welfare requiring it.