What you need to know about the state’s property tax exemption for real estate sales and rentals

A bill in Tennessee has become the first in the nation to exempt sales and rental income from property taxes.

The legislation was introduced by state Sen. Jason Spencer (R-Wylie) and passed the Senate Judiciary Committee Wednesday night.

It passed with a 23-18 vote.

Spencer says the exemption will help boost the economy and create thousands of jobs.

The bill was sponsored by Tennessee Manufacturers and Commerce, a trade group that represents the state-owned and operated businesses in the state.

Tennessee residents have until September 30 to register their home for sale.

They can apply online for the exemption through the state Department of Revenue.

The tax exemption is expected to generate about $6.3 billion in economic activity in Tennessee, according to Spencer.