In the 112th General Assembly now in session, Tennessee REALTORS®, the state industry association representing more than 31,000 REALTOR® members, has brought SB569/HB605, sponsored by Sen. Johnson and Rep. Lamberth.
The bill allows real estate licensees to be paid through corporate entities. It seeks to clarify that a real estate licensee can receive commission checks through a corporate entity, rather than made out to the licensee.
As of today, the bill has advanced in both Houses. For its current status, visit HERE.
If it becomes law, the legislation will help our membership alleviate their tax burden if they choose to receive commissions this way, as the legislation is permissive.
The bill requires the corporate entity to be solely owned by the licensee so the licensee will remain responsible for any actions of the entity under the Broker’s Act.
To learn more about other bills under consideration in the General Assembly, visit HERE.
To find your House and Senate members, visit HERE.