Senate Bill 2456, also known as the "Tennessee Live Music Support Act," introduces a new part to the Tennessee Code Annotated, specifically under Title 67, Chapter 6. The bill defines key terms related to live music events, including "live music and performance event," "live music support," "secondary ticketing market," "third-party ticket reseller," and "ticket." A significant provision of the bill is the imposition of a 5% live music support surcharge on the sales price of all tickets sold through the secondary ticketing market for live music and performance events in Tennessee, effective July 1, 2027. This surcharge will be collected monthly by third-party ticket resellers, who must register with the Department of Revenue for compliance.

The bill also outlines the administration and distribution of the collected funds, which will be deposited into the live music and performance venue fund and used for economic development support grants for venues, promoters, and performers. Additionally, penalties for noncompliance with the collection and remittance of the live music support are established, and the Department of Revenue is authorized to promulgate rules to implement the provisions of the act. The act will take effect upon becoming law for rule-making purposes, while the collection provisions will commence on July 1, 2027.