House Bill 2626 amends Chapter 28 of the Private Acts of 1997 concerning tax collection in Cheatham County. The bill deletes the existing SECTION 8 and replaces it with new provisions regarding the allocation of tax proceeds. Specifically, it stipulates that the governing body of Cheatham County will determine the collection of the tax, with the proceeds being deposited into the county general fund. The allocation of these funds includes 46.67% directed to the Cheatham County Education Debt Service Fund, with a portion of that amount accounted for separately as a reserve fund for school building financing, and 6.66% allocated to the Cheatham County Highway/Public Works Fund.

Additionally, the bill requires a two-thirds (2/3) vote from the legislative body of Cheatham County for it to take effect. The act will be effective upon becoming law for the purpose of approval or rejection, while for all other purposes, it will become effective as outlined in the second section.