Amends TCA Title 67.

This bill requires a person who purchases financial securities during a tax year to be subject to an excise tax equal to 4 percent of the purchase price of the shares on the date of purchase. This bill defines "financial securities" as shares of stock issued by corporations organized under the laws of this state, another state, the United States, or a foreign government, and all interests in partnerships, associations, or trusts represented by transferable evidence of the interest. However, the term does not include fixed income securities, such as mutual fund shares, bonds, exchange-traded funds (ETF) shares, and capital stock. Additionally, this bill exempts from imposition of this excise tax purchases made for retirement accounts and savings plans, such as 529 college savings plans and other education savings accounts.<br /> <br /> APPLICABILITY<br /> <br /> A person who has a legal domicile in this state, and a person who maintains a place of residence in this state for more than six months in the tax year, regardless of what place the person claims as a legal domicile, is subject to the excise tax described above.<br /> <br /> RULEMAKING<br /> <br /> This bill requires the department of revenue to promulgate rules to implement this bill.<br />