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1999 SESSION

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SB 735 Sales tax on food products for home consumption.

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

SUMMARY AS PASSED: (all summaries)

Sales and use tax on food products for home consumption. Reduces the state sales and use tax rate on food purchased for human consumption one-half percent each year for four years beginning January 1, 2000, for a total reduction of two percent. On and after April 1, 2003, the state sales and use tax rate on such food will be one and one-half percent. The Transportation Trust fund one-half percent, the school-age population one percent and the local option one percent rate will not be affected by this legislation. The gradual rate reduction will not occur in any year if (i) the actual general fund revenues for the second fiscal year preceding a fiscal year in which a rate reduction is planned do not exceed the official general fund revenue estimates for such second fiscal year, as estimated in the most recently enacted and approved general appropriation act, by at least one percent or (ii) any of the circuit breakers in the Personal Property Tax Relief Act of 1998 occur. The Act will take effect January 1, 2000.


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