SB0177 amends Tennessee sales and use tax revenue distribution, reallocating certain tax increases to specific funds.
SB0177 modifies Tennessee Code Annotated, Section 67-6-103, concerning the distribution of sales and use tax revenues. It specifies that 4.6030% of the revenue from the sales and use tax increase from 6% to 7% must be apportioned to certain incorporated areas. Additionally, it mandates that 95.3970% of the revenue from a specific tax on personal property sales be paid into the state general fund for general state purposes. The act also removes previous allocations and reallocates certain revenues as per specified chapters and subdivisions. The changes take effect July 1, 2025.
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