HB2965 - Tennessee: Professions And Occupations, Sports, Taxes, Privilege

Taxes, Privilege - Reduces sales tax on food from 5.5 percent to 4.5 percent effective January 1, 2009; requires registration of professional athletes and professional coaches; imposes professional privilege tax upon athlete agents, professional athletes, and professional coaches based on income. - Amends TCA Title 4; Title 5; Title 6; Title 7; Title 67 and Title 68. Fiscal Summary for *HB2965Increase State Revenue - Net Impact - $26,280,500/FY08-09 Decrease State Revenue - Net Impact - $17,109,000/FY09-10 and thereafter Increase State Expenditures - $97,600/One-Time $143,700/Recurring Decrease Local Revenue - $2,088,500/FY08-09 $4,177,000/FY09-10 and thereafter Bill Summary for *HB2965 This bill: (1) Reduces the state sales tax on groceries from 5.5 percent to 4.5 percent; and (2) Requires all professional athletes (athletes who receive compensation to participate in sporting [...]

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