House Bill 1329 amends various sections of the Tennessee Code Annotated to reduce the state administration fee on tax collection from 1.125% to 0.75%. This change is reflected in multiple sections, including 67-4-724(a)(4), 67-4-724(b)(4), 67-4-1506, and 67-4-3203(d)(2), where the previous percentage is deleted and replaced with the new rate. Additionally, Section 67-6-710(b) is modified to specify that the department will remit the tax proceeds to local governments, retaining 0.75% for administrative expenses.

Furthermore, the bill completely removes subsection (h) from Section 67-6-710 and updates Section 67-7-110(b) to reflect the new fee percentage. The act is set to take effect on July 1, 2025, and will apply to tax collections received on or after that date.

Statutes affected:
Introduced: 67-4-724(a)(4), 67-4-724, 67-4-724(b)(4), 67-4-1506, 67-4-3203(d)(2), 67-4-3203, 67-6-710(b), 67-6-710, 67-7-110(b), 67-7-110