Tenn. Code Ann. § 67-2-119
This is the official text of Tenn. Code Ann. § 67-2-119, part of Tennessee’s Code Ann — part of the compiled statutory law of Tennessee, published by the state as "Code Ann." Browse the sections below, each linked to its official government source.
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Disposition of revenue
Official statutory text
(a) Of the taxes collected under this chapter upon income from stocks and bonds taxable at the rate provided in § 67-2-102 per annum, five-eighths (5/8) shall be paid into the general fund of the state treasury and the remaining three-eighths (3/8) shall be distributed among the cities and counties of the state. (b) Where a taxpayer residing within the corporate limits of any municipality pays a tax imposed at the rate provided in § 67-2-102 per annum, then three-eighths (3/8) of the net tax collected from such taxpayer shall be returned to the city within which such taxpayer resides. (c) Where a taxpayer residing in a county, but outside the corporate limits of any municipality, pays a tax imposed by this chapter at the rate provided in § 67-2-102 per annum, then three-eighths (3/8) of the net tax collected from such taxpayer shall be returned to the county within which such taxpayer resides. (d) In each instance, the payment to cities and counties covering collections made under this section during any fiscal year shall be made on or before July 31 immediately following the close of that year. Amended by 2017 Tenn. Acts, ch. 181, s 14, eff. 4/26/2017. Amended by 2016 Tenn. Acts, ch. 1064, s 2, eff. 5/20/2016. Acts 1931 (2nd Ex. Sess.), ch. 20, § 17; 1933, ch. 60, § 5; 1937, ch. 117, § 4; 1937, ch. 297, § 2; mod. C. Supp. 1950, § 1123.33; impl. am. Acts 1959, ch. 9, §14; Acts 1963, ch. 271, § 3; 1978, ch. 507, § 1; T.C.A. (orig. ed.), § 67-2633; Acts 1985, ch. 395, §4; 2003 , ch. 355, § 32; 2005, ch. 500, § 4; 2006, ch. 989, § 9.
(a) Of the taxes collected under this chapter upon income from stocks and bonds taxable at the rate provided in § 67-2-102 per annum, five-eighths (5/8) shall be paid into the general fund of the state treasury and the remaining three-eighths (3/8) shall be distributed among the cities and counties of the state.
(b) Where a taxpayer residing within the corporate limits of any municipality pays a tax imposed at the rate provided in § 67-2-102 per annum, then three-eighths (3/8) of the net tax collected from such taxpayer shall be returned to the city within which such taxpayer resides.
(c) Where a taxpayer residing in a county, but outside the corporate limits of any municipality, pays a tax imposed by this chapter at the rate provided in § 67-2-102 per annum, then three-eighths (3/8) of the net tax collected from such taxpayer shall be returned to the county within which such taxpayer resides.
(d) In each instance, the payment to cities and counties covering collections made under this section during any fiscal year shall be made on or before July 31 immediately following the close of that year.
Amended by 2017 Tenn. Acts, ch. 181, s 14, eff. 4/26/2017.
Amended by 2016 Tenn. Acts, ch. 1064, s 2, eff. 5/20/2016.
Acts 1931 (2nd Ex. Sess.), ch. 20, § 17; 1933, ch. 60, § 5; 1937, ch. 117, § 4; 1937, ch. 297, § 2; mod. C. Supp. 1950, § 1123.33; impl. am. Acts 1959, ch. 9, §14; Acts 1963, ch. 271, § 3; 1978, ch. 507, § 1; T.C.A. (orig. ed.), § 67-2633; Acts 1985, ch. 395, §4; 2003 , ch. 355, § 32; 2005, ch. 500, § 4; 2006, ch. 989, § 9.
(a) Of the taxes collected under this chapter upon income from stocks and bonds taxable at the rate provided in § 67-2-102 per annum, five-eighths (5/8) shall be paid into the general fund of the state treasury and the remaining three-eighths (3/8) shall be distributed among the cities and counties of the state.
(b) Where a taxpayer residing within the corporate limits of any municipality pays a tax imposed at the rate provided in § 67-2-102 per annum, then three-eighths (3/8) of the net tax collected from such taxpayer shall be returned to the city within which such taxpayer resides.
(c) Where a taxpayer residing in a county, but outside the corporate limits of any municipality, pays a tax imposed by this chapter at the rate provided in § 67-2-102 per annum, then three-eighths (3/8) of the net tax collected from such taxpayer shall be returned to the county within which such taxpayer resides.
(d) In each instance, the payment to cities and counties covering collections made under this section during any fiscal year shall be made on or before July 31 immediately following the close of that year.
Amended by 2017 Tenn. Acts, ch. 181, s 14, eff. 4/26/2017.
Amended by 2016 Tenn. Acts, ch. 1064, s 2, eff. 5/20/2016.
Acts 1931 (2nd Ex. Sess.), ch. 20, § 17; 1933, ch. 60, § 5; 1937, ch. 117, § 4; 1937, ch. 297, § 2; mod. C. Supp. 1950, § 1123.33; impl. am. Acts 1959, ch. 9, §14; Acts 1963, ch. 271, § 3; 1978, ch. 507, § 1; T.C.A. (orig. ed.), § 67-2633; Acts 1985, ch. 395, §4; 2003 , ch. 355, § 32; 2005, ch. 500, § 4; 2006, ch. 989, § 9.
Status: in_force
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