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2020 Tennessee Code
Title 67 - Taxes and Licenses
Chapter 7 - Severance Taxes
Part 2 - Taxation of Other Minerals
§ 67-7-203. Rate of Tax — Liability of Owners — Payment of Tax
Universal Citation: TN Code § 67-7-203 (2020)
- The rate of the tax shall be set by the county legislative body, but shall not exceed fifteen cents (15¢) per ton on sand, gravel, sandstone, chert or limestone severed from the ground in the county.
- Every interested owner shall become liable at the time the sand, gravel, sandstone, chert or limestone is severed from the earth and ready for sale.
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- The tax shall be payable at the time of sale and delivery.
- The department of revenue shall use the accounting principle known as “first in-first out” in determining the tax payable on stockpiles or inventories of sand, gravel, sandstone, chert or limestone existing on the effective date of the tax in the county.
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