Deposit And Allocation Of Tax Receipts

(1) All moneys received by the Department of Revenue shall be promptly deposited to the credit of the state treasurer in state depositories. Receipts shall be earmarked and allocated as provided in T.C.A. § 67-6-103. (2) A municipality which qualifies as a “premiere type tourist resort” may elect or withdraw an election to have tax receipts allocated to it during any fiscal year (July 1 - June 30) under the alternative allocation formula by a written notice from the chief executive or fiscal officer of the municipality to the commissioner of revenue. To be effective such notice must be received on or before June 1 of the fiscal year next preceding the fiscal year for which the election is made or within thirty (30) days of the effective date of this rule. An election or withdrawal shall remain in effect throughout the fiscal year. In the absence of further notification in the manner described above, the election or withdrawal shall also remain in effect during subsequent fiscal year.