Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Policy topic
No spam. Unsubscribe anytime.
Bedford committee endorses asking state to return half of real-estate transaction fee to counties
Summary
The committee approved a resolution urging the Tennessee Legislature to return 50% of a real-estate transaction fee to the originating counties; Bedford County could receive an estimated $900,000 if the measure delivers half the proceeds.
The Bedford County Financial Management Committee voted to send a resolution to the county commission asking the Tennessee Legislature to return 50% of the real-estate transaction fee to the counties where the transactions occur.
The county mayor described the measure as a statewide association effort by county leaders to recover a portion of transaction taxes that were retained by the state during the 2007–09 recession. The mayor said returning half the fee to Bedford could be worth as much as $900,000 to the county, and that the proposal would not be a statewide redistribution pool but would return funds to the county where they were collected.
Senator Pat Marsh and Sen. Jack Johnson were named as sponsors in the legislature. Committee members posed clarifying questions about whether the returned funds would be earmarked; the county mayor said at present the proposal would return the funds to the local general fund but final legislative language could specify destinations.
A commissioner moved the resolution, a second was recorded, and the committee approved the motion by voice vote. The committee directed staff to forward the resolution to the county commission for consideration.
