Legal Documents of Rocky Top

As authorized by Public Acts 1963. Ch. 329. there is levied a tax in the same manner and on the same privileges subject to the Retailers' Sales Tax Act under Tennessee Code Annotated, title 67, ch. 6, parts 1--6, which are exercised in Rocky Top. The tax is levied on all such privileges at a rate of one-half (1/2) of the rates levied in the Retailers' Sales Tax Act, Tennessee Code Annotated, title 67, ch. 6, parts 1--6, so long as the general state rate continues at four point five percent (4.5%), and at one-third (1/3) of the state rates if and when the general state rate is reduced to three percent (3%). Provided that with respect to industrial and farm machinery as defined in Tennessee Code Annotated, § 67-6-102 and with respect to water sold to or used by manufacturers, the tax thereon is imposed at the rate of one-half of one percent (1/2 of 1%). Provided further the tax shall not exceed seven dollars and fifty cents ($7.50) on the sale or use of any single article of personal property, and there is excepted from the tax levied by the provisions of this chapter the sale, purchase, use, consumption, or distribution of electric power or energy, or natural or artificial gas, or coal and fuel oil, so long as such exception is required by state law. Penalties and interest for delinquencies shall be the same as provided in Tennessee Code Annotated, title 67, ch. 6, part 5.