HB0258 - Tennessee - Revenue, Dept. Of, Taxes, Sales

Companion Bill SB0502. Taxes, Sales - Requires 0.5 percent reduction of sales tax on food in next fiscal year when surplus revenues exceed $50,000,000 in current fiscal year. - Amends TCA Title 67. Fiscal Summary for *HB0258 / SB0502Other Fiscal Impact - The fiscal impact of this bill is dependent upon the fiscal years that state surplus revenues exceed $50.0 million. In fiscal years when state surplus revenues exceed $50.0 million, the net decrease to state revenues for the following fiscal year is estimated to be $38,860,000; the decrease to local government revenues is estimated to be $1,870,000. Bill Summary for *HB0258 / SB0502 This bill provides for the state sales tax on food and food ingredients, which is presently 6 percent, being reduced by .5 percent per year in any fiscal year following a year in which the amount of surplus state [...]

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