HB0359 - Tennessee - Taxes, Sales

Companion Bill SB0748. Taxes, Sales - Enacts the "Tennessee Small Town Economic Development Act." - Amends TCA Title 67, Chapter 6. Fiscal Summary for *HB0359 / SB0748Decrease State Revenues - Less than $8,500,000 Increase State Expenditures - $32,000 One-Time Increase Local Govt. Revenues - Less than $8,500,000 Bill Summary for *HB0359 / SB0748 Under present law, 4.2462 percent of sales and use tax revenue is distributed to incorporated municipalities based on the municipalities' population. Present law provides for alternate distribution calculations for municipalities classified as premier type tourist resorts. This bill additionally requires that an amount equal to 1/2 cent of every 6 cents of state sales tax revenue on food and food ingredients be distributed to any city or town with a population of 4,000 or less. This bill further [...]

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