HB2978 - Tennessee - Revenue, Dept. Of, Taxes, Sales

Companion Bill SB3174. Taxes, Sales - Requires 0.5 percent reduction of sales tax on food in next fiscal year when surplus revenues exceed $50,000,000 in current fiscal year. - Amends TCA Title 67. Fiscal Summary for HB2978 / *SB3174Other Fiscal Impact - The fiscal impact of this bill is dependent upon the fiscal years that state surplus revenues exceed $50.0 million. In fiscal years when state surplus revenues exceed $50.0 million, the net decrease to state revenue for the following fiscal year is estimated to exceed $43,389,000; the decrease to local government revenue is estimated to exceed $2,089,000. In addition to these recurring decreases, the state would forgo additional sales tax revenue in subsequent fiscal years due to the natural growth of taxable food sales. Bill Summary for HB2978 / *SB3174 This bill provides for the state sales [...]

show full description