HB0769 - Tennessee - Food And Food Products, Revenue, Taxes, Sales

Companion Bill SB0671. Taxes, Sales - Reduces incrementally each year the sales taxes on food and food products if revenues, after adjusting for inflation and population growth, exceed those of the prior fiscal year by a certain amount. - Amends TCA Title 67. Fiscal Summary for HB0769 / *SB0671Other Fiscal Impact - For any year in which a surplus occurs in increments of $20,365,000, and a subsequent transfer of such an amount has been made from the Food Fund to the General Fund, a rate decrease would occur in the following fiscal year lowering the sales tax rate on food by an equivalent percentage sufficient to lower sales tax revenue collections by the same amount transferred. A decrease to state revenues would occur, but in an amount that is very difficult to quantify. Annual estimates are difficult to quantify because they are a direct function of two unknown variables;[...]

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