Amends TCA Section 67-4-409.
Tennessee HB0649 amends TCA Section 67-4-409 to require that 50% of the recordation taxes collected on real estate transfers be remitted back to the respective counties. This bill affects counties by providing them with additional revenue from real estate transactions, which must be allocated primarily for transportation infrastructure projects. Key provisions include restrictions on using these funds for salaries and benefits, and mandates that counties dedicate at least 50% of the funds to transportation-related expenses.
Tennessee HB0649 amends TCA Section 67-4-409 to require that 50% of the recordation taxes collected on real estate transfers be remitted back to the respective counties. This bill affects counties by providing them with additional revenue from real estate transactions, which must be allocated primarily for transportation infrastructure projects. Key provisions include restrictions on using these funds for salaries and benefits, and mandates that counties dedicate at least 50% of the funds to transportation-related expenses.
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