Title
Approval of Resolution Supporting Revenue Sharing and Single Article Cap
Body
SUMMARY: The Tennessee Municipal League requests support of their campaign to restore the level of shared taxes, which changed in 2002. Prior to 2002, the State collected 6% and gave 4.6% to the local governments. In 2002, the State increased the State tax to 7% to address budget shortfalls, however, did not increase the share to local governments. Also in 2002, the State doubled the single article cap to from $1,600 to $3,200 and did not share the increase with the local governments. The attached resolution requests that the State restore the revenue sharing. The City of Crossville would gain $190,208.78 in revenue.
BUDGET ACCOUNT:
Recommended Action
NECESSARY COUNCIL ACTION: Approve resolution