Tennessee SB2701 authorizes a mineral severance tax in Henry County, with revenues dedicated to county road maintenance.

Tennessee SB2701 establishes a mineral severance tax in Henry County, applying to the extraction or removal of minerals such as clay and titanium. The tax rate matches the maximum per-ton rate authorized by Tennessee Code Annotated, §§ 67-7-201 - 67-7-212. The Tennessee Department of Revenue administers and collects the tax, with revenues, after administrative expenses, going to the Henry County road fund for road construction, maintenance, and repair. The act requires approval by a two-thirds vote of Henry County's legislative body to become effective.

Tennessee SB2701 authorizes a mineral severance tax in Henry County, with revenues dedicated to county road maintenance.

Tennessee SB2701 establishes a mineral severance tax in Henry County, applying to the extraction or removal of minerals such as clay and titanium. The tax rate matches the maximum per-ton rate authorized by Tennessee Code Annotated, §§ 67-7-201 - 67-7-212. The Tennessee Department of Revenue administers and collects the tax, with revenues, after administrative expenses, going to the Henry County road fund for road construction, maintenance, and repair. The act requires approval by a two-thirds vote of Henry County's legislative body to become effective.