Amends TCA Section 67-4-409.

This bill allocates 50 percent of the revenue raised from recordation taxes to the state general fund, and requires the remaining 50 percent to be allocated to counties to be used for school debt and school capital projects. The bill further requires the following:<br /> <br /> (1) 50 percent of the revenue from the recordation tax levied on the transfers of realty after the distributions set out to the commissioner of revenue, the wetland acquisition fund, the local parks land acquisition fund, the state lands acquisition fund, the revenue stream used to pay the principal of an interest on revenue bonds, the agricultural resources conservation fund, and the transfers of other funds must be credited to the state general fund, and the remaining 50 percent must be allocated and distributed to counties to be used for school debt and school capital projects, including improvements and maintenance at schools, according to the formula in (2) below;<br /> <br /> (2) The department of revenue must allocate and distribute to each county an amount equal to the proportion of the total amount of revenue collected by the state that is attributable to each county;<br /> <br /> (3) A county must receive its allocation under this bill on or before June 30 of each fiscal year and must allocate the funds in the next fiscal year; and<br /> <br /> (4) The county register must include in the reports of collections to the commissioner a list of all recordations made in the county during that reporting period.<br /> <br /> This bill provides that the above provisions are repealed June 30, 2029.<br />