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Tennessee SB2701 proposes to levy a severance tax on clay, titanium, and other minerals not currently taxed by the state, subject to local approval. The bill affects counties that choose to implement this tax, with the generated revenue designated exclusively for the construction, maintenance, and repair of the county road system. Key provisions include the specification of taxable substances and the restriction on the use of tax revenue.
Tennessee SB2701 proposes to levy a severance tax on clay, titanium, and other minerals not currently taxed by the state, subject to local approval. The bill affects counties that choose to implement this tax, with the generated revenue designated exclusively for the construction, maintenance, and repair of the county road system. Key provisions include the specification of taxable substances and the restriction on the use of tax revenue.
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