Amends TCA Section 67-4-409.
Tennessee SB0843 amends TCA Section 67-4-409 to require the Department of Revenue to remit 50% of recordation taxes collected on realty transfers back to the respective counties after certain withholdings and allocations. This bill affects counties in Tennessee by providing them with a share of the tax revenue generated from real estate transactions. Key provisions include the stipulation that the bill applies to transfers occurring on or after July 1, 2025, and the retention of 5% of the collected taxes by county registers as commission, with specific allocations to various state funds.
Tennessee SB0843 amends TCA Section 67-4-409 to require the Department of Revenue to remit 50% of recordation taxes collected on realty transfers back to the respective counties after certain withholdings and allocations. This bill affects counties in Tennessee by providing them with a share of the tax revenue generated from real estate transactions. Key provisions include the stipulation that the bill applies to transfers occurring on or after July 1, 2025, and the retention of 5% of the collected taxes by county registers as commission, with specific allocations to various state funds.
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