Only one state made a local sales tax rate change effective November 1st.
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The sales tax is Tennessee’s principal source of state tax revenue accounting for approximately 60% of all tax collections. The sales tax is comprised of two parts, a state portion and a local portion. The general state tax rate is 7%. The local tax rate varies by county and/or city.
There are over 11,000 standard sales tax jurisdictions in the United States in 2020. Each jurisdiction has a distinct aggregate sales tax rate based on a unique combination of factors, including sales taxes levied by taxing authorities at the state, county, city, and district levels.
But not all states have the same number of jurisdictions.
New Jersey, despite having hundreds of municipalities, has just two sales tax jurisdictions, while Texas has over 1,600. But having fewer jurisdictions doesn’t always translate to less complexity, as states and localities have their own laws and practices for sales tax administration, audits, enforcement, and notices of rate changes.
TaxConnex offers a complete sales and use tax solution. Anything you would ask an employee to do related to sales tax, we do – nexus evaluation, taxability determination, audit assistance, exemption certificate management, registrations, return preparation and filing, etc. It’s all in there.
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