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County lobbyist reports progress on real estate transfer fee, other state tax items
Summary
Rutherford County's contracted lobbyist briefed the committee on progress in the state legislature including a proposed real estate transfer fee projected to generate about $9 million annually, sports wagering set at $25 per wager, and a Department of Revenue request to delay implementation to Oct. 1.
Rutherford County’s contracted lobbyist updated the Steering Committee in April on several state-level revenue proposals and other legislative work.
Will reported the real estate transfer fee has moved out of the Senate State and Local Committee and is headed to the House Finance Committee; he said the proposal is projected to generate roughly $9,000,000 in recurring revenue. Will described other items in play, including the earlier increase to the school facilities tax to $1.50 on residential property and a sports wagering amount set at $25 per wager.
Will told the committee the Department of Revenue requested an October 1 start date for the transfer fee so the agency can update its computer systems rather than a July 1 start. He said the timing and funding schedule remain under negotiation and that implementation could be phased over multiple years. "I'm very optimistic," Will said about the measure's prospects in the near-term.
Committee members asked Will to provide a written summary of accomplishments and legislative progress ahead of upcoming budget and contract discussions later this spring.
