Amends TCA Title 7 and Title 67.
Tennessee SB0629 amends provisions related to the privilege tax on hotel occupancy, specifically regarding the allocation of tax revenues by municipalities. It mandates that such revenues be designated for tourism promotion and development, while also allowing municipalities to adopt ordinances for the use of funds from short-term rental taxes. Key provisions include requirements for annual reporting on expenditures and restrictions on using tax revenues for general government purposes unless approved through a memorandum of understanding.
Tennessee SB0629 amends provisions related to the privilege tax on hotel occupancy, specifically regarding the allocation of tax revenues by municipalities. It mandates that such revenues be designated for tourism promotion and development, while also allowing municipalities to adopt ordinances for the use of funds from short-term rental taxes. Key provisions include requirements for annual reporting on expenditures and restrictions on using tax revenues for general government purposes unless approved through a memorandum of understanding.
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