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|---|---|---|---|
| 1 | 1 | ||
| 2 | 2 | <BillNo> <Sponsor> | |
| 3 | 3 | ||
| 4 | 4 | SENATE BILL 986 | |
| 5 | 5 | By Southerland | |
| 6 | 6 | ||
| 7 | 7 | ||
| 8 | 8 | SB0986 | |
| 9 | 9 | 001752 | |
| 10 | 10 | - 1 - | |
| 11 | 11 | ||
| 12 | 12 | AN ACT to amend Tennessee Code Annotated, Section | |
| 13 | 13 | 67-4-409, relative to transfers of realty. | |
| 14 | 14 | ||
| 15 | 15 | BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE: | |
| 16 | 16 | SECTION 1. Tennessee Code Annotated, Section 67-4-409(d), is amended by adding | |
| 17 | 17 | the following new subdivision: | |
| 18 | 18 | (4) Notwithstanding another law and except for commissions and fees retained | |
| 19 | 19 | as otherwise provided in subdivisions (d)(2) and (3), and except for the credit of realty | |
| 20 | 20 | transfer tax revenues to specific accounts or funds in accordance with subsections (g), | |
| 21 | 21 | (i), (j), (l), and (m), the department shall remit back to each county, respectively, fifty | |
| 22 | 22 | percent (50%) of the recordation taxes on the transfer of realty levied under subsection | |
| 23 | 23 | (a) that are collected by county registers and remitted to the department, based on the | |
| 24 | 24 | total amount of such taxes remitted to the department by county. | |
| 25 | 25 | SECTION 2. This act takes effect July 1, 2025, and applies to transfers of real property | |
| 26 | 26 | on or after such date, the public welfare requiring it. |