HB3089 - Tennessee - Food And Food Products, Taxes, Sales

Taxes, Sales - Reduces sales tax on food from 5.5 percent to 5 percent effective July 1, 2008. - Amends TCA Section 67-6-228.

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.