Taxes, Privilege - As introduced, increases from 2.4 to 5 percent, the amount of realty transfer tax and mortgage tax collections retained as commission by county registers for collecting and reporting those taxes; requires 50 percent of such collections to be deposited in the county general fund; allocates the remaining balance to the wetland acquisition fund, local parks land acquisition fund, state lands acquisition fund, agricultural resources conservation fund, and state general fund. - Amends TCA Section 67-4-409.

HB 586 modifies how counties handle revenue from property transfer taxes. It increases the commission counties retain for collecting these taxes from 2.4% to 5%, requires 50% of the total collections to go directly to the county general fund, and allocates the remaining funds to specific state programs including wetland acquisition, local parks land, state lands, agricultural conservation, and the state general fund. The bill directly affects county registers (who collect the taxes) and the designated state/local funds. It changes the distribution of existing tax revenue without altering the tax rate itself.