Tennessee § 67-5-1111 - [Repealed.]

§ 67-5-1111. [Repealed.]

Acts 1907, ch. 602, § 24; Shan., § 792a1; Code 1932, § 1401; Acts 1977, ch. 140, § 6; T.C.A. (orig. ed.), § 67-726, repealed by Acts 2011, ch. 438, § 1, effective June 10, 2011. Compiler's Notes. Former part 11, §§ 67-5-1101 — 67-5-1113 , concerned stock classification and assessment. Acts 2011, ch. 438, § 2 provided that it is the intent of the general assembly by the act to exercise its discretion granted in the Tennessee Constitution, Art. II, § 28, to establish the manner in which intangible personal property of financial institutions other than banks and insurance companies, and intangible personal property of cemetery companies formerly assessed under title 67, chapter 5, part 11, is assessed and taxed. The allocation of taxes to local governments provided in the act shall be in lieu of the taxation of the subclassification of intangible personal property designated as “shares of stock of stockholders of any loan company, or investment company, or cemetery company” and in lieu of all taxes on the redeemable or cash value of all their outstanding shares of capital stock, loans, accounts or certificates of investment, by whatever name called; provided, that such companies shall nonetheless continue to be subject to ad valorem taxes on their real and tangible personal property and shall continue to be subject to all other taxes (other than the tax deleted in title 67, chatper 5, part 11) to which they are currently subject. Acts 2011, ch. 438, § 6 provided that the allocation of excise taxes to counties and cities provided in title 67, chapter 5, part 11 and §§ 67-4-2020 — 67-4-2022 shall be limited to one million dollars ($1,000,000) for 2011, and distribution shall not be made before July 1, 2012. If total sharing is diminished for any county as the result of this cap, counties with certified 2010 assessments pursuant to itle 67, chapter 5, part 11 will share first up to the amount of property tax billed on the 2010 assessments, and the remaining counties shall share the balance in proportion to their share in the original allocation. Acts 2011, ch. 438, § 7 provided that the act shall not affect rights or duties that matured, liabilities or penalties that were incurred, or proceedings begun before their effective date, except as otherwise therein specifically provided. Acts 2011, ch. 438, § 8 provided that if any provision of the act or the application thereof to any person or circumstance is held invalid on the basis that the legislature has not properly exercised its authority, then all provisions and applications of the act are declared to be invalid and void. Acts 2011, ch. 438, § 9 provided that the act shall apply both to assessments made under title 67, chapter 5, part 11, and to collections received under title 67, chapter 4, part 20, on and after January 1, 2011.