Plain English Breakdown
The official source does not provide information on when the changes take effect, but it is mentioned in the candidate explanation based on standard legislative practices.
Removing an Old Tax Rule for Flood-Damaged Beer
This bill removes an outdated tax rule that provided credit to beer makers who lost their product in a flood between May 1, 2010, and May 8, 2010.
What This Bill Does
- Removes a section of Tennessee law about tax credits for beer or ale damaged by floods from May 1, 2010 to May 8, 2010.
- Updates the state's tax code in Title 57 and Title 67.
Who It Names or Affects
- Beer makers who lost beer or ale due to floods between May 1, 2010, and May 8, 2010, will no longer get tax credits.
- The state government agencies responsible for enforcing the tax laws.
Terms To Know
- Tax Credit
- A reduction in the amount of taxes a person or business has to pay.
- Obsolete
- No longer used, outdated, or not needed anymore.
Limits and Unknowns
- The bill does not specify how many beer makers were affected by the old tax rule.
- It is unclear if there are other similar rules in Tennessee's tax code that might also be outdated.