Amends TCA Title 6, Chapter 56, Part 1.
Tennessee SB0115 amends existing law to require municipalities to complete and submit their annual audits to the comptroller within six months following the end of the fiscal year. This bill affects municipal governing bodies, as it imposes penalties on those with two or more outstanding late audits by reducing their state-distributed sales tax revenue by up to 15% until compliance is achieved. Additionally, the comptroller has the authority to waive penalties under certain conditions.
Tennessee SB0115 amends existing law to require municipalities to complete and submit their annual audits to the comptroller within six months following the end of the fiscal year. This bill affects municipal governing bodies, as it imposes penalties on those with two or more outstanding late audits by reducing their state-distributed sales tax revenue by up to 15% until compliance is achieved. Additionally, the comptroller has the authority to waive penalties under certain conditions.
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