Press release from Tennessee House Majority Leader Gerald McCormick, Dec. 17, 2015:
House Majority Leader Gerald McCormick Files Legislation To Curb Tobacco Tax Fraud
(NASHVILLE)- House Majority Leader Gerald McCormick (R-Chattanooga) today announced that he has filed legislation to strengthen current tobacco tax laws. House Bill 1440 is aimed at deterring individuals from profiting from future increases in the rate of a per unit tax. The legislation calls for a one-time levy on inventory whereby interested parties would be required to account for all relevant property in inventory on the date of the rate increase and submit it to the Department of Revenue within thirty (30) days of the increase.
“We need to reassess the tobacco tax rate process in the state, and I believe this legislation will restrict future attempts by individuals to game the system and make profits off rate increases,” said House Majority Leader Gerald McCormick.
Additional information regarding this legislation can be found on the General Assembly website at: http://wapp.capitol.tn.gov/apps/BillInfo/Default.aspx?BillNumber=HB1440.
Gerald McCormick lives in Chattanooga and represents District 26, which is part of Hamilton County.