All revenues collected from each taxpayer under this part shall be allocated in the following manner:

(1) Two percent (2%) of the tax collected from each taxpayer shall be retained by the department and credited to its current service revenue to cover the expenses of administration and collection of the tax and penalties and interest on the tax; and

Terms Used In Tennessee Code 67-4-1108

  • Department: means the department of revenue. See Tennessee Code 67-4-1101
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • taxpayer: means every corporation, subchapter S corporation, limited liability company, professional limited liability company, registered limited liability partnership, professional registered limited liability partnership, limited partnership, cooperative, joint-stock association, business trust, regulated investment company, REIT, state-chartered or national bank, or state-chartered or federally chartered savings and loan association. See Tennessee Code 67-4-2004
(2) The remainder shall be remitted to the county and municipality designated on the return filed together with the tax payment, pursuant to § 67-4-1106, or, if the taxpayer fails to follow this part, the county or municipality that would have been so designated had the taxpayer acted according to this part.
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