Amends TCA Section 67-6-103.
Tennessee HB0909 amends TCA Section 67-6-103 to alter the allocation of revenue generated from the increase of the sales and use tax rate from 6% to 7%. The bill removes the requirement for the commissioner of revenue to deposit this revenue into the state general fund for general purposes, instead creating a special allocation that directs 4.6030% to incorporated municipalities while requiring the remaining 95.3970% to be allocated exclusively for general state purposes. This change affects the distribution of tax revenue collected from the increased sales and use tax rate.
Tennessee HB0909 amends TCA Section 67-6-103 to alter the allocation of revenue generated from the increase of the sales and use tax rate from 6% to 7%. The bill removes the requirement for the commissioner of revenue to deposit this revenue into the state general fund for general purposes, instead creating a special allocation that directs 4.6030% to incorporated municipalities while requiring the remaining 95.3970% to be allocated exclusively for general state purposes. This change affects the distribution of tax revenue collected from the increased sales and use tax rate.
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