House Bill 424, also known as Senate Bill 430, proposes an amendment to the Tennessee Code Annotated regarding franchise and excise tax credits. The bill urges the Department of Revenue to conduct a study on the potential economic impact of allowing all franchise and excise tax credits to be transferable to any person or entity, rather than being restricted to the original recipient of the credits. The findings and recommendations from this study are to be reported to the relevant committees in both the Senate and House of Representatives by January 1, 2026, if the study is undertaken.

The bill emphasizes the importance of evaluating the implications of such a change in tax credit policy, which could enhance flexibility for businesses and individuals in utilizing these credits. The act is set to take effect immediately upon becoming law, highlighting its urgency in addressing tax-related matters in Tennessee.