Bill > SB1581

This bill amends Tennessee Code Annotated to allocate all revenue generated from the sales tax on new or used motor vehicles and new or used tires to the state highway fund. It also earmarks 1% of the sales tax revenue allocated to the general fund to the Department of Transportation for administrative expenses. The bill excludes revenue from the increase in the sales tax rate for educational purposes and the increase from 6% to 7% from being distributed to the highway fund, and instead requires those funds to be allocated as previously provided by law. The bill takes effect on July 1, 2024.