Amends TCA Title 67, Chapter 7, Part 2.
Tennessee HB0695 amends the existing mineral severance tax laws by removing the specific tax allocation provisions for Smith County and eliminating the current cap of 15 cents per ton on mineral severance taxes. Instead, it establishes a tiered tax rate that increases over time, with new maximum rates set at 20 cents, 25 cents, and 30 cents per ton for specified future periods. The bill also mandates annual reporting requirements for counties receiving these tax revenues, detailing their use for road maintenance and construction.
Tennessee HB0695 amends the existing mineral severance tax laws by removing the specific tax allocation provisions for Smith County and eliminating the current cap of 15 cents per ton on mineral severance taxes. Instead, it establishes a tiered tax rate that increases over time, with new maximum rates set at 20 cents, 25 cents, and 30 cents per ton for specified future periods. The bill also mandates annual reporting requirements for counties receiving these tax revenues, detailing their use for road maintenance and construction.
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