Update/Memo
Please see attached a comprehensive (FINAL) bill report and full Wrap-Up linked below.
The 2021 Session of 112th General Assembly has adjourned. Among the highlights:
— The legislature passed a record $42.6B budget. There were many items also included in the Governor’s Supplemental Budget. As in the past few years, two of the big items concerned education and guns.
— The budget adds $100M to the Rainy-Day Fund so it now totals $2B, largest in state’s history; and a one-time $100M increase for high-speed broadband for every Tennessean, especially in underserved areas.
— The budget includes $25M for a two-week sales tax holiday for groceries, $75M for a two-week sales tax holiday for restaurants and all prepared food, and $16M to reduce the professional privilege tax by 25 percent.
— It also contains $40M for airports, $85M for railways, and a $5.5M recurring boost to the Tennessee Agriculture Enhancement Program.
Key Bills:
REALTOR®-championed SB569/HB605 (Sponsors: Ldr. Johnson/Ldr. Lamberth), which allows for real estate commission checks to be paid to a corporate entity, was passed, and went into effect April 1.
REALTOR®-championed HB716/SB895 (Rep. Hurt/Sen. Stevens), which prohibits local governments in counties in which the Uniform Residential Landlord and Tenant Act applies from enacting or enforcing regulations that conflict with, or add to, the Act, was passed and take effects July 1.
