67-2-119 - Disposition of revenue.
67-2-119. Disposition of revenue.
(a) Of the taxes collected under the provisions of this chapter upon income from stocks and bonds taxable at the rate of six percent (6%) 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 of six percent (6%) 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 of six percent (6%) 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.
[Acts 1931 (2nd E.S.), 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.]