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IMPROVE ACT WILL RAISE VEHICLE REGISTRATION FEES AND GAS PRICES WHILE LOWERING FOOD TAX

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Coming up this Saturday (July 1, 2017), the IMPROVE Act will go into effect in Tennessee. The new act can affect you in four ways:

Vehicle registration fees. Motor vehicle registration fees will increase by $5.00. Registration fees for private and commercial vehicles operating for hire and transporting passengers will increase by $10.00. Registration fees for freight motor vehicles will increase by $20.00. An additional registration fee of $100 will be placed on electric vehicles. These additional funds will go to the highway fund under the IMPROVE Act.

Gasoline tax. The tax on gasoline at the pump will rise from 20 cents per gallon to 24 centers per gallon. That cost will rise to 25 cents per gallon on July 1, 2018, and to 26 cents per gallon on July 1, 2019. This revenue will be divided up, giving 25.4 percent to counties; 12.7 percent to municipalities; and 61.9 percent to the highway fund.

Diesel tax. Diesel taxes will increase from 17 cents per gallon to 21 cents per gallon. That cost will rise to 24 cents per gallon on July 1, 2018; and to 27 cents per gallon on July 1, 2019. The revenue from these increases will be divided up, giving 17.5 percent to counties, 8.8 percent to municipalities; and 73.7 percent to the highway fund.

Sales tax on retail food. The state sales tax rate for food sold at retail will decrease from 5 percent to 4 percent.

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