Senate Bill 775 amends Tennessee Code Annotated, Title 67, Chapter 5, to introduce a new provision regarding the allocation of proceeds from delinquent taxes. Specifically, it adds a new subdivision (vi) to Section 67-5-2501(a)(3)(A), which stipulates that ten percent (10%) of any remaining proceeds will be designated for providing tax relief to elderly low-income homeowners, disabled individuals, or disabled veterans and their widows. This addition aims to support vulnerable populations in managing their tax burdens.

The bill is set to take effect on July 1, 2025, emphasizing the importance of public welfare in its implementation. By targeting tax relief for specific groups, the legislation seeks to alleviate financial pressures on those who may be struggling due to age, disability, or veteran status.

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