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Scott Flowers, CFP

NAIFA Tennessee APIC Chair

Recent posts by Scott Flowers, CFP

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NAIFA Tennessee Advocacy Update

By Scott Flowers, CFP on Jun 12, 2020 1:30:17 PM

Hello NAIFA Tennessee members.  I hope you and your family are staying healthy and thriving.  NAIFA Tennessee contracted with Steve Buttry, our new state lobbyist, in February to help with our legislative efforts with Tennessee.  Steve has made a big impression in a very short time.  He emails myself and Karen Byrd (NAIFA TN President) each week to update up on legislative issues in our industry on a state level.  Members of NAIFA Tennessee and other professional organizations met in February at the State Capital to advocate for the removal of the Professional Privilege Tax.  In his proposed budget for Tennessee, Governor Lee lowered the Privilege tax from $400 to $200 for fiscal year 2020-2021.  We were told by both state senators and representatives that the reduction was going to happen.  With the spread of Covid-19 the state legislature temporarily adjourned session before approving the budget.  After coming back to session the legislature made substantial budget cuts in preparation for lost tax revenue due to the economic impact.  Therefore the Professional Privilege Tax will remain at $400 for at least one more fiscal year.  I am optimistic that we will get this reduced next year and eventually removed.