During Tuesday’s meeting, the Metro Nashville City Council approved a resolution increasing the sales tax for downtown businesses. The .25 percent tax increase will go into effect July 1. According to the Metro Nashville Finance Department, the estimated revenue from this increase amounts to at least $2.4 million.
Per the state law, certain businesses are exempted from the sales tax increase: professional services, transient lodging, tickets for sporting or other live events, alcoholic beverages, newspapers or other publications, and overnight or long-term parking. Read More
The Metro Nashville City Council is considering a resolution to increase downtown sales taxes for generalized safety and cleaning. This .25 percent increase would apply to the Downtown Central Business Improvement District (CBID), and would result in an estimated $2.4 million in revenue. The Tennessee General Assembly authorized the increase during this past legislative session.
The resolution didn’t include an exhaustive list of what safety and cleanliness measures would be funded with this sales tax increase, but did note that it would include public safety, social services, and sidewalk cleaning. Additionally, the resolution noted that the funds would be deposited into the city’s event and marketing fund to assist in promotional materials and the recruitment of major conventions and group meetings. Read More