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TN SB0177
Bill
Status
1/15/2025
Primary Sponsor
Richard Briggs
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AI Summary
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Directs all revenue from the 2.75% sales tax on single articles of personal property priced between $1,600 and $3,200 to the state general fund for general state purposes
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Allocates 4.603% of revenue from the 2002 sales tax rate increase (from 6% to 7%) to incorporated municipalities, with 95.397% going to the state general fund
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Amends multiple subsections of Tennessee Code 67-6-103 to update revenue allocation references to include the new municipal distribution formula
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Removes language in certain subsections that previously excluded the 6% to 7% tax increase revenue from specific allocations
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Takes effect July 1, 2025
Legislative Description
AN ACT to amend Tennessee Code Annotated, Section 67-6-103, relative to distribution of revenues.
Taxes, Sales
Last Action
Placed on Senate Finance, Ways, and Means Committee calendar for 4/21/2025
4/17/2025