House Bill 765 amends Tennessee Code Annotated, Title 67, Chapter 5, concerning delinquent taxes. The bill introduces a new provision in Section 67-5-2501(a)(3)(A) that allocates ten percent (10%) of any remaining proceeds from delinquent tax collections to provide tax relief specifically for elderly low-income homeowners, disabled individuals, or disabled veterans and their widows. This addition aims to support vulnerable populations facing financial challenges related to property taxes.

The act is set to take effect on July 1, 2025, emphasizing the importance of providing timely assistance to those in need. The reallocation of funds is intended to enhance the financial stability of eligible homeowners, ensuring that they receive necessary support in managing their tax obligations.

Statutes affected:
Introduced: 67-5-2501(a)(3)(A), 67-5-2501