SB 1062 - Current law taxes retail sales of food, as defined in current law, at a rate of one percent. This act provides that retail sales of food shall be exempt from state sales taxes. This provision is identical to SCS/SB 161 (2023) and to a provision in SCS/HCS/HB 154 (2023), and is substantially similar to HB 260 (2023), HB 452 (2023), HB 591 (2023), HB 896 (2023), HCS#2/HB 1992 (2022), HB 1817 (2022), and HB 2530 (2022), and to a provision in HB 377 (2023), HCS/HBs 876, 771, 676 & 551 (2023), HB 1136 (2023), HB 1779 (2022), and HB 2249 (2022).
This act also provides that, beginning on January 1, 2025, local sales taxes imposed on food shall annually be reduced in four equal increments over a period of four years. Beginning January 1, 2029, there shall be no local sales taxes imposed on food.
JOSH NORBERG