Senate Bill 1842 amends Tennessee Code Annotated, specifically Section 67-4-1703, regarding the privilege tax for licensed professionals. The bill deletes the existing subsections (a) and (b) and replaces them with new provisions. Under the new language, the annual privilege tax is set at four hundred dollars ($400) for individuals licensed in professions listed in 67-4-1702(1) or (2), and two hundred dollars ($200) for those licensed in the profession listed in 67-4-1702(3). The tax is due on June 1 each year, with any payments made after this date considered delinquent.

Additionally, the bill stipulates that individuals licensed in two or more professions will only be required to pay a single tax. This tax will be four hundred dollars ($400) for those licensed in multiple professions under 67-4-1702(1) or (2), or two hundred dollars ($200) for those licensed in 67-4-1702(3) and one or more professions under 67-4-1702(1) or (2). The act will take effect upon becoming law and will apply to privilege taxes due after May 31, 2027.

Statutes affected:
Introduced: 67-4-1703