§ 67-6-232 — Tax levy for hemp-derived cannabinoid products - Tax allocation

(a) For the exercise of the privilege of engaging in the business of selling products containing a hemp-derived cannabinoid in this state pursuant to title 43, chapter 27, part 2, there is levied an additional tax at the rate of six percent (6%) of the sales price of products containing a hemp-derived cannabinoid when sold at retail in this state. (b) The tax levied under this section is due and payable monthly on the first day of each month, and for the purpose of ascertaining the amount of tax payable under this section, all retailers making taxable sales on or before the twentieth day of each month shall transmit to the commissioner of revenue, upon forms prescribed by the commissioner, returns showing gross sales during the preceding month. (c) All revenue generated from the tax levied pursuant to subsection (a) must be deposited into a special account in the state general fund, with fifty percent (50%) being allocated to the department of revenue and fifty percent (50%) being allocated to the department of agriculture, to be used exclusively for the regulation of products containing a hemp-derived cannabinoid in this state.

Legislative History

Added by 2023 Tenn. Acts, ch. 423, s 5, eff. 7/1/2023.