HB1270 - Tennessee: Taxes, Sales

Companion Bill SB0823. Taxes, Sales - Reduces sales tax on ingredient food and whole food from 6 percent to 5 percent. - Amends TCA Title 67, Chapter 6. Fiscal Summary for HB1270 / *SB0823Decrease State Revenues - $2,956,000 / General Fund $6,628,000 / Education Fund $37,000 / Department of Revenue $94,000 / Sinking Fund Increase State Expenditures - $86,000 One-Time Decrease Local Govt. Revenues - $468,000 Bill Summary for HB1270 / *SB0823 Under present law, the retail sale of food and food ingredients for human consumption is taxed at the rate of 6 percent of the sales price of each single article of food or food ingredient. This bill reduces the tax from 6 percent to 5 percent for the following: (1) Ingredient food, which is defined as a common ingredient used in preparing food [...]

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