Taxes - As enacted, directs TACIR to perform a study of the collection and remittance of state and local taxes, including sales and use taxes, collected at the point of sale by businesses in this state. - Amends TCA Title 67, Chapter 6, Part 5.

This law changes how businesses in Tennessee calculate fees for reporting sales and use taxes to the state. It allows dealers to deduct a specific percentage of their tax payments from the amount they owe, with a cap of $25 per report. The deduction is only available if the business has paid all its taxes on time. Any amount calculated by the formula that exceeds the $25 limit stays with the state. These rules apply to sales and use taxes collected on or after July 1, 2023.