Audited and Attested Financial Statements
Currently, an applicant requesting a Tennessee contractor license with monetary limits of $1.5 million or greater is required to submit financial statements that are audited and attested to by a certified public accountant (TCA § 62-6-111). This new bill changes that limit threshold to $3 million. An applicant requesting limits of less than $1.5 million (soon will be changed to $3 million) is still required to have their financial statements reviewed by a CPA…but an attestation by the CPA is not required until the limits requested are $1.5 million or greater (soon to be $3 million).
Small Commercial Building Contractor Limits Increase
This same bill amends TCA § 66-2-112(f)(2) to increase the small commercial building contractor limits from $750,000 to $1.5 million.
This bill still needs to be signed by the Speaker of the House, then to the Lt. Governor for his signature, and finally to Governor Haslam for his signature. We do not expect any surprises in this bill getting signed into law. Of course, we will keep you posted if anything happens to this bill at the last minute that prevents the bill from becoming law.
Photo: Ken Lund