Tennessee HB0649 amends the recordation tax, requiring the state to remit 50% of collected taxes back to counties for specific uses.
Tennessee HB0649 modifies the recordation tax on real property transfers, directing the state to remit 50% of collected taxes back to the respective counties. These funds cannot be used for salaries and benefits but are designated for infrastructure, debt service for capital projects, matching funds for state and federal projects, and other nonrecurring expenses. Counties must not use these funds to replace other state or local moneys for county roads or bridges. The act takes effect July 1, 2025.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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