Amends TCA Section 67-4-409.

Generally under present law, there is a recordation tax on all transfers of realty of 37 cents per $100 and on the public recordation of an instrument evidencing indebtedness of 11.5 cents per $100. Present law charges the county register, among others, with the collection of the recordation taxes described above and requires the register to report all collections to the department of revenue. Present law entitles county registers to retain as commission 5 percent of the taxes the registers collect, but 52 percent of the 5 percent commission must be remitted to the state treasurer and credited to the general fund. <br /> <br /> This bill removes the remittance requirement that 52 percent of the 5 percent be remitted to the general fund. Under this bill, country registers will be entitled to retain the full 5 percent commission. <br /> <br />