spot_img

Repeal of Tennessee professional privilege tax gets negative recommendation

Date:

spot_img

(The Center Square) – A bill that would end Tennessee’s professional privilege tax advanced through subcommittee with a negative recommendation on Tuesday.

Tennessee currently charges individuals in five professions $400 annually. Those professions include lobbyists, attorneys and agents, broker-dealers and investment advisors.

The professional privilege tax was instituted in 1992 for 22 different professions and currently applies to just five professions.

Tennessee last removed professions from the tax in 2022.

“Sponsor, we all want to get rid of the tax but probably this year is not the year to do it,” said Sen. Joey Hensley, R-Hohenwald, the Senate Revenue Subcommittee chair.

Senate Bill 1944 was given a negative recommendation because it would cost the state $86.5 million annually starting with the tax year that ends on May 31, 2026.

Tennessee currently pays the professional privilege tax for 2,061 state employees.

Read the Black Chronicle Black History Edition for Free! Click Below

Read the Black Chronicle Black History Edition for Free! Click Below

spot_img
spot_img

Subscribe

Share post:

Popular

More like this
Related

Washington law enforcement org weighs in on upcoming changes to pursuit law

(The Center Square) – In less than two months,...

Supreme Court justices question prosecutors on federal bribery statute

(The Center Square) – Supreme Court Justices asked some...

As hundreds of billions of dollars are wasted, new bill would combat fraud

A new legislative effort boasts that it can help...

Pritzker wants $40 million for medical debt despite research showing limited benefit

(The Center Square) – Illinois Gov. J.B. Pritzker wants...