SB2640 - Tennessee: Food And Food Products, Taxes, Sales

Taxes, Sales - Reduces, from 5.5 percent to 5 percent, the rate of state sales tax levied on certain foods and food ingredients intended for human consumption. - Amends TCA Title 3; Title 4; Title 5; Title 6; Title 7; Title 8; Title 9; Title 12; Title 16; Title 30; Title 36; Title 39; Title 40; Title 45; Title 47; Title 48; Title 49; Title 55; Title 56; Title 57; Title 61; Title 62; Title 67; Title 68; Title 69; Title 70 and Title 71.

Decrease State Revenue - $43,389,000 Decrease Local Govt. Revenue - $2,089,000 Other Fiscal Impact - In FY09-10, there will be approximately $2,274,000 in forgone state sales tax revenue in addition to the recurring decrease. The extent of forgone revenues will increase in subsequent years due to the natural growth of taxable food sales.