(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 (3/5) shall be distributed among the cities and counties of the state.

Terms Used In Tennessee Code 67-2-119

  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Stocks: means shares of stock issued by corporations chartered and organized under the laws of the state of Tennessee, or of any other state, or of the United States, or of any foreign government, and all interests in partnerships, associations, or trusts represented by transferable evidence of such interest. See Tennessee Code 67-2-101
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(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 (3/5) 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 (3/5) 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.
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