Amends TCA Title 67, Chapter 6.
Tennessee SB2453 amends the Tennessee Code Annotated Title 67, Chapter 6, by extending the deadline for counties bordering at least three distressed rural counties to apply for eligibility to retain sales and use tax from commercial development districts from December 31, 2026, to December 31, 2040. Additionally, it extends the deadline for the commissioner of finance and administration to approve such districts from June 30, 2031, to June 30, 2041. This bill primarily affects counties in Tennessee that meet the specified criteria and aims to provide them with a longer timeframe to benefit from tax retention related to commercial developments.
Tennessee SB2453 amends the Tennessee Code Annotated Title 67, Chapter 6, by extending the deadline for counties bordering at least three distressed rural counties to apply for eligibility to retain sales and use tax from commercial development districts from December 31, 2026, to December 31, 2040. Additionally, it extends the deadline for the commissioner of finance and administration to approve such districts from June 30, 2031, to June 30, 2041. This bill primarily affects counties in Tennessee that meet the specified criteria and aims to provide them with a longer timeframe to benefit from tax retention related to commercial developments.
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