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2002 SESSION

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SB 104 Sales and use tax exemption; food for human consumption.

Introduced by: Madison E. Marye | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Sales and use tax on food. Decreases the state sales and use tax on food purchased for human consumption to one and one-half percent beginning April 1, 2003. The state sales tax on such food for the period from April 1, 2002, through March 30, 2003, shall remain at its current level, three percent. Current law provides for a gradual decrease in the state sales and use tax on such food to a rate of one and one-half percent. The tax currently is scheduled to decrease by one-half percent increments. Any decrease in the tax is dependent upon the realization of a certain level of general fund revenue growth for the fiscal year immediately preceding a scheduled decrease in the tax rate. This bill would eliminate all such general fund revenue growth requirements and would automatically decrease the tax to one and one-half percent beginning April 1, 2003.


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