Bill > SB2701

This bill authorizes Henry County to levy a severance tax, which is a tax on the extraction of natural resources, on minerals like clay and titanium, and any other substance commonly recognized as a mineral that is not already taxed by the state. The tax rate will be set at the maximum per-ton rate allowed by state law and will automatically adjust if that state law changes, but it will remain fixed at the highest rate previously authorized if the state law is reduced or repealed. The tax is imposed on the owner or operator at the time the mineral is extracted or removed from the ground within Henry County, and the Tennessee Department of Revenue will administer and collect it. Importantly, all revenue generated from this tax, after administrative costs, must be used exclusively for the construction, maintenance, and repair of the county's road system. This act will only take effect if it is approved by a two-thirds vote of the Henry County legislative body.

https://wapp.capitol.tn.gov/apps/Billinfo/Default?BillNumber=SB2701&ga=114