Public Chapter 530
HOUSE BILL NO. 1399
By Representatives Kisber, Lewis
Substituted for: Senate Bill No. 1637
By Senator Cooper
AN ACT to amend Tennessee Code Annotated, Title 4 and Title 67, Chapter 4, relative to privilege, excise, and franchise taxes.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF TENNESSEE:
SECTION 1. Tennessee Code Annotated, Section 67-4-1903, is amended by deleting the language "A credit shall be allowed" in the first sentence and by substituting instead the language "Businesses engaged in the retail rental of private passenger motor vehicles for periods of thirty-one (31) days or less and whose predominant business activity is the sale and service of new and used motor vehicles shall be allowed a credit".
SECTION 2. Tennessee Code Annotated, Section 67-4-1905, is amended by deleting the section in its entirety and substituting instead the following language:
(a) All revenue received by the commissioner from this surcharge or tax shall be deposited in the state general fund; except as provided hereafter.
(b) In the 1997-1998 fiscal year and in each fiscal year thereafter, one and one-half million dollars ($1,500,000) shall be allocated to the Department of Safety to be used exclusively to train, equip, and pay members of the Tennessee Highway Patrol.
SECTION 3. This act shall take effect on July 1, 1997, the public welfare requiring it.