TN HB0695

Increases the maximum mineral severance tax rate on sand, gravel, sandstone, chert, and limestone in phases: 15¢ per ton (before July 1, 2025), 20¢ (2025-2030), 25¢ (2030-2035), and 30¢ per ton (July 1, 2035 and after)

Requires counties receiving mineral severance tax revenue to submit annual written reports within 30 days of fiscal year end to the comptroller, commissioner of transportation, and legislative transportation committee chairs

Reports must detail revenue deposited into the county road fund, amounts spent, and how expenditures were used for construction, maintenance, and repair of county roads

Allows county legislative bodies to increase tax rates by adopting a resolution with a two-thirds majority vote, with new rates taking effect at least 60 days after the Department of Revenue receives the certified resolution

Passed April 10, 2025 and approved by Governor Bill Lee on April 24, 2025, effective immediately