HB0334 - Tennessee - Food And Food Products, Taxes, Sales

Taxes, Sales - Reduces state portion of sales tax from 5 1/2 percent in fiscal year 2007-2008 to 0 percent in fiscal year 2018-2019 and thereafter by reducing rate 1/2 percent per fiscal year. - Amends TCA Title 67, Chapter 6, Part 2.

(CORRECTED) Decrease State Revenues - $38,855,000 - FY07-08 $78,681,000 - FY08-09 $119,503,000 - FY09-10 $161,346,000 - FY10-11 $204,235,000 - FY11-12 $248,196,000 - FY12-13 $293,255,000 - FY13-14 $339,442,000 - FY14-15 $386,783,000 - FY15-16 $435,307,000 - FY16-17 $485,045,000 - FY17-18 $536,026,000 - FY18-19 and thereafter Decrease Local Govt. Revenues - $1,870,000 - FY07-08 $3,787,000 - FY08-09 $5,751,000 - FY09-10 $7,765,000 - FY10-11 $9,829,000 - FY11-12 $11,945,000 - FY12-13 $14,114,000 - FY13-14 $16,337,000 - FY14-15 $18,615,000 - FY15-16 $20,950,000 - FY16-17 $23,344,000 - FY17-18 $25,798,000 - FY18-19 and thereafter Increase State Expenditures - $100,000 One-Time