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Tennessee State Tax Quick Facts. Income tax: None (1% flat tax on interest and dividends earned in tax year 2020) Sales tax: 7.00% - 9.75%; Property tax: 0.64% average effective rate; Gas tax: 26 cents per gallon of regular gasoline, 27 cents per gallon of diesel This can to be used as a tool in estimating projected revenue for the 2020 … The rise in the tax rate began with a 4-cent increase and was intended to bring in $4.4 billion for transportation projects. As of April 30, 2020, Tennessee had collected about 74% of the $15.4 billion in total budgeted revenue for … Tennessee Department of Finance and Administration Commissioner Butch Eley said Tuesday overall state revenues for April 2020 were $1.3 billion, about $855 million less … The average gas tax by the state is 29.15 cents per gallon. The gasoline tax fell slightly by 0.7 cents in 2020, the result of an inflation indexing law. The United States federal excise tax on gasoline is 18.4 cents per gallon and 24.4 cents per gallon for diesel fuel. In addition to state taxes of at least 4% per gallon of gas, the federal government levies a tax of 18.4 cents on every gallon of gas sold in the US. Twenty-three states have gas taxes higher than that average, and 27 states have gas taxes lower than that average. While Gov. Explore data on Tennessee's income tax, sales tax, gas tax, property tax, and business taxes. As a result, in September, the Department of Revenue announced that the corporate income and franchise tax rates would indeed be reduced, from 5.5 to 4.458 percent, retroactive to January 1, 2019, and effective for tax years 2020 and 2021. Bill Haslam initially proposed indexing the state’s gas tax rate to inflation, this reform was not included in … State sales tax is up 7.6% through the first seven months of the current fiscal year compared to the same time last year. The final increases take effect on July 1, 2019. Powered by joyn AMS Tennessee: The gas tax will rise by 6 cents and the diesel tax by 10 cents over a span of two years. Lawmakers in 2013 began a phase-in of the first gasoline tax hike in 20 years. Counties and cities can charge an additional local sales tax of up to 2.75%, for a maximum possible combined sales tax of 9.75%; Tennessee has 779 special sales tax jurisdictions with local sales taxes in addition to the state sales tax; Tennessee has a lower state sales tax than 98.1% of states The Tennessee state sales tax rate is 7%, and the average TN sales tax after local surtaxes is 9.45%.. Learn about Tennessee tax rates, rankings and more. In June 2019, legislation was enacted to extend the trigger to also be available in tax years 2020 and 2021. Franchise and excise tax collections were particularly low compared to estimates, which largely reflects the state’s extended filing deadline from April 15 to July 15. 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