HB0114 - Tennessee: Taxes, Cigarette, Taxes, Sales, Taxes, Tobacco, Tobacco Products

Taxes, Sales - Decreases sales tax rate on food from 6 percent to 3 percent; increases the cigarette tax rate from 10 mills to 3.20 cents per cigarette on July 1, 2007, and further increases the cigarette tax rate each subsequent July 1 until July 1, 2018, by the greater of 0.05 cent or the amount needed to make the fiscal impact of the decrease on the food sales tax revenue neutral; requires that locals be held harmless from food sales tax reduction. - Amends TCA Section 67-4-1004; Section 67-4-1005 and Section 67-6-228(a). Fiscal Summary for HB0114 / *SB0093Increase State Revenues - Net Impact - $86,371,000 / Education Fund Decrease State Revenues - Net Impact - $67,614,000 / General Fund $11,223,000 / Earmarked to Local Governments $856,000 / Department of Revenue $2,140,000 / Sinking Fund Increase State Expenditures - $11,223,000 / General Fund $220,000 / Department of Revenue [...]

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