House Bill 468 amends Tennessee Code Annotated, Section 7-4-107, by changing the number of years from "three (3)" to "five (5)" regarding the retention period for records of taxes paid. This adjustment extends the duration for which tax records must be maintained, thereby increasing the accountability and transparency of tax-related documentation.

The bill is set to take effect on July 1, 2023, and will apply to all records of taxes paid on or after that date. This change aims to enhance the state's tax administration and ensure that taxpayers have a longer period to reference their tax records if needed.

Statutes affected:
Introduced: 7-4-107