Parking Tax Update - May 19, 2015
On May 19, 2015 in Knoxville, TNSSA’s Legislative Chair, Sherry Cole, announced that the Legislative Committee was going to make a specific recommendation to the Board and request they adopt a recommendation for TNSSA members related to the ongoing parking tax issue. After considerable research, meetings with legislators and their staffs, and consultations with TNSSA’s Lobbyist, the TNSSA Board of Directors concluded that it is in the best interests of TN self-storage facilities to collect the parking tax and remit those funds to the TN Department of Revenue. Sherry recommended that facilities provide 30-days written notice to all affected tenants, but you should review your current lease and determine the appropriate notice requirements for your tenants. The TN sales/service tax (parking tax) does not apply to boats and airplanes. Sherry is preparing an expanded explanation which will include a copy of the law for the next newsletter in the Legislative Committee Update section.
Click here for expanded explanation.
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