Tennessee SB0762 amends lottery tax laws, establishing a 5% sales tax on lottery tickets and shares.

Tennessee SB0762 amends various titles of the Tennessee Code to establish a 5% sales tax on lottery tickets and shares sold at retail within the state. Counties will levy this tax in addition to other taxes on lottery retailers. Lottery retailers must register with the Department of Revenue and remit the tax monthly. Two percent of the collected taxes will fund the Department's administration of the tax, while the remaining funds will be distributed as outlined in § 67-6-712. The Tennessee Education Lottery Corporation must share relevant information with the Department upon request.

Tennessee SB0762 amends lottery tax laws, establishing a 5% sales tax on lottery tickets and shares.

Tennessee SB0762 amends various titles of the Tennessee Code to establish a 5% sales tax on lottery tickets and shares sold at retail within the state. Counties will levy this tax in addition to other taxes on lottery retailers. Lottery retailers must register with the Department of Revenue and remit the tax monthly. Two percent of the collected taxes will fund the Department's administration of the tax, while the remaining funds will be distributed as outlined in § 67-6-712. The Tennessee Education Lottery Corporation must share relevant information with the Department upon request.