ON MARCH 30, 2023, THE SENATE ADOPTED AMENDMENT #1 AND PASSED SENATE BILL 384, AS AMENDED.
AMENDMENT #1 rewrites this bill to change present law relative to a taxpayer's duty to list fully such tangible personal property used, or held for use, in the taxpayer's business or profession on such schedule, including such other information relating thereto as may be required by the assessor, place its correct value thereon, sign the schedule, and return it to the assessor on or before March 1 of each year. Present law provides that, in lieu of detailing acquisition cost on the reporting schedule, the taxpayer may certify that the depreciated value of tangible personal property otherwise reportable on the form is $1,000 or less. The assessor must accept the certification, subject to audit, and fix the value of tangible personal property assessable to the taxpayer pursuant to the schedule, at $1,000.
This amendment makes the following changes to the provisions above:
(1) Raises the minimum depreciated value of tangible personal property otherwise reportable on the form from $1,000 to either $2,000 or less, or $10,000 or less but greater than $2,000, that the taxpayer may certify in lieu of detailing acquisition cost on the reporting schedule;
(2) Provides that, if the taxpayer certifies that the depreciated value of tangible personal property otherwise reportable on the form is $2,000 or less, then the assessor must accept the certification, subject to audit, and fix the value of tangible personal property assessable to the taxpayer at $2,000; and
(3) Provides that, if the taxpayer certifies that the depreciated value of tangible personal property otherwise reportable on the form is $10,000 or less but greater than $2,000, then the assessor must accept the certification, subject to audit, and fix the value of tangible personal property assessable to the taxpayer at $10,000.
This amendment also requires the Tennessee Advisory Commission on Intergovernmental Relations (TACIR) to monitor implementation of this bill and to periodically report its findings on the impact of this bill on collections and administration of the business personal property tax to the General Assembly. Each agency of the executive branch, municipal and county official, and local government organization and the Office of the Comptroller of the Treasury must cooperate with the Commission and provide necessary information and assistance for the Commissioner’s reports.

Statutes affected:
Introduced: 67-5-701(e)(1), 67-5-701
Amended with SA0241 -- 03/30/2023: 67-5-701(e)(1), 67-5-701, 67-5-903(b), 67-5-903