SB1081

Establishes a sales tax remittance schedule to offset transaction fees for merchants.

Amends Tennessee Code to create a sales tax remittance schedule. This schedule allows dealers to retain sales tax payments for a period to recoup transaction fees before remitting the collected sales tax. Factors in determining the holding time include the state's total sales tax remittance, transaction percentages, state fees for credit card transactions, and the federal funds rate. The commissioner, in consultation with the state treasurer, will establish and monitor this schedule.