|SB 1242||Implements a cap on sales taxes levied by counties and municipalities|
|LR Number:||4905S.01I||Fiscal Note:||4905-01|
|Committee:||Ways and Means|
|Last Action:||03/19/02 - Hearing Conducted S Ways & Means Committee||Journal page:|
|Effective Date:||January 1, 2003|
SB 1242 - This act creates a maximum sales tax which may be levied on any sale. The act also implements a maximum tax which may be levied by a county and a maximum tax which may be levied by a municipality, both of which are in direct proportion with the statewide sales tax rate.
The act has an effective date of January 1, 2003.