Amends TCA Title 67, Chapter 7, Part 2.

Present law regarding severance taxation of other minerals requires the rate of the tax to be set by the county legislative body, but must not exceed 15¢ per ton on sand, gravel, sandstone, chert or limestone severed from the ground in the county.<br /> <br /> This bill authorizes the county legislative body of Clay County to set the rate of the tax up to 45¢ per ton on sand, gravel, sandstone, chert, or limestone severed from the ground in the county. The county legislative body must change the rate of the tax by passage of a resolution by a 2/3 majority vote. On July 1, 2025, and each July 1 thereafter, the maximum tax rate pursuant to this bill is increased to reflect the percentage of change in the average consumer price index (all items-city average), as published by the U.S. department of labor, bureau of labor statistics, for the immediately preceding fiscal year. However, this bill prohibits the maximum rate from increasing by more than 4 percent in any year.<br />