Taxes, Privilege - As introduced, authorizes municipalities to levy a tax on the privilege of engaging in the act of development within the boundaries of the municipality; requires such tax to be levied at the rate and under the terms, conditions, and limitations contained in present law that apply to counties. - Amends TCA Title 67, Chapter 4, Part 29.

Summary

The bill lets incorporated cities and towns without their own school systems impose a privilege tax on developers within their limits. The tax must follow the same rates and rules that counties use, and the money collected would be earmarked for building and improving roads, sidewalks, trails, and similar transportation infrastructure. This would give municipalities a new revenue source for capital projects.

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