House Bill 586 amends Tennessee Code Annotated, specifically Section 67-4-1702, by completely deleting the existing language and replacing it with new provisions regarding the professional privilege tax. The bill establishes a tax on individuals engaged in specific vocations, including registered lobbyists and those licensed or registered as agents, broker-dealers, and investment advisers under Title 48, Chapter 1.

The new law will take effect upon becoming law and will apply to privilege taxes that are due and payable after May 31, 2024. This change aims to clarify and specify the professions subject to the professional privilege tax in Tennessee.

Statutes affected:
Introduced: 67-4-1702