Taxes, Sales - As introduced, requires the department of economic and community development to revise and certify the population of each county and municipality, and the aggregate population of the state, prior to July 1 each year during the interim between the regular decennial federal census to ensure equitable allocation and distribution of the local share of state sales tax revenue; requires the Boyd Center for Business and Economic Research at the University of Tennessee, through the Tennessee state data center, to generate annual population estimates for each county and municipality and provide the estimates to the department of economic and community development for review and certification. - Amends TCA Title 4, Chapter 3, Part 7; Section 9-16-101 and Title 67, Chapter 6.

SB 427 requires Tennessee's Department of Economic and Community Development to update county and municipal population figures annually by July 1, using estimates from the University of Tennessee's Boyd Center, to ensure fair distribution of state sales tax revenue. This replaces the previous practice of relying solely on the decennial federal census, which created delays in revenue allocation. The bill directly affects all counties and municipalities that receive state sales tax funds, as their share will now be recalculated each year based on these updated estimates. Key provisions mandate the Boyd Center to generate annual population data, the Department to certify it, and share it with tax authorities before July 1 each year. This change aims to provide more timely and equitable funding for local governments between federal census cycles.