HB3811 - Tennessee - Taxes, Sales

Taxes, Sales - Reduces sales tax on food from 5.5 percent to 5.25 percent effective January 1, 2009. - Amends TCA 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 55; Title 56; Title 57; Title 61; Title 62; Title 67; Title 68; Title 69; Title 70 and Title 71.

Decrease State Revenue - $10,848,000 - FY08-09 $21,694,000 - FY09-10 Decrease Local Govt. Revenue - $522,000 - FY08-09 $1,045,000 - FY09-10 Other Fiscal Impact - In FY09-10, there will be approximately $1,137,000 in forgone state sales tax revenue in addition to the recurring decrease. The extent of forgone revenue will increase in subsequent years due to the natural growth of taxable food sales.