Tennessee Code Annotated

Tenn. Code Ann. § 67-2-119 (2026)

Disposition of revenue

✓ current as of May 2026

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(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.

Notes of Decisions

Cited in 2 cases, 1997–1997 · leading case: Steele v. Indus. Dev. Bd. of the Metro. Gov't of Nashville & Davidson Cnty., 950 S.W.2d 345 (Tenn. 1997).

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Steele v. Indus. Dev. Bd. of the Metro. Gov't of Nashville & Davidson Cnty., 950 S.W.2d 345 (Tenn. 1997). · cites it 4× “The plaintiffs contend that if the bonds had not been issued as “tax exempt” bonds by the Industrial Development Board, 1 then the interest earned on the bonds would be subject to the State income tax, and a portion of the tax revenue collected from bondowners residing in…”

Steele v. Indus. Dev. Bd., 950 S.W.2d 345 (Tenn. 1997). · cites it 4× “The plaintiffs contend that if the bonds had not been issued as "tax exempt" bonds by the Industrial Development Board, [1] then the interest earned on the bonds would be subject to the State income tax, and a portion of the tax revenue collected from bondowners residing in…”

— Tenn. Code Ann. § 67-2-119(b) — 1 case

Steele v. Indus. Dev. Bd. of the Metro. Gov't of Nashville & Davidson Cnty., 950 S.W.2d 345 (Tenn. 1997). “The plaintiffs contend that if the bonds had not been issued as “tax exempt” bonds by the Industrial Development Board, 1 then the interest earned on the bonds would be subject to the State income tax, and a portion of the tax revenue collected from bondowners residing in…”

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