TN·Bill·111th Regular Session (2019-2020)
HB 1359
Taxes, Sales - As introduced, allocates state sales and use tax revenues from the construction of a uranium processing facility to an eligible industrial development corporation that submits a completed application to the commissioner of finance and administration together with an application fee in an amount established by the department; establishes requirements for such allocation. - Amends TCA Title 67, Chapter 6.
Introduced 2019-02-06Last action 2019-04-24 — Taken off notice for cal. in Finance, Ways, and Means Committee
Sponsor
Yager
Cosponsors
None⚫
Died in House committee
The 111th Regular Session (2019-2020) ended on 2020-06-19. This bill was introduced when the session adjourned and did not advance to enactment.
Legislative Progress
✗
Introduced
2
In Committee
3
Passed Chamber
4
Enacted / Signed
Summary
This bill creates a mechanism for industrial development corporations in counties or cities with federally funded uranium processing facilities to receive state sales tax revenues generated from the construction of those facilities. Eligible industrial development corporations can apply to the Commissioner of Finance and Administration to receive up to $20 million in state sales and use tax revenues collected from Department of Energy-funded uranium processing projects, with these funds specifically earmarked to pay off debt, interest, and closing costs incurred in financing related economic development projects. The allocation excludes certain education-dedicated tax revenues and continues until either the federal project is complete or the corporation receives its full requested amount, with distributions made annually on a retroactive basis starting from when the Department of Energy first pays sales taxes on the project.
Note
Historical import. Session: 111
Full Bill Text
http://www.capitol.tn.gov/Bills/111/Bill/HB1359.pdf