|SB 0780||Exempts food local sales tax and reduces federal income tax deduction, subject to referendum|
|LR Number:||2866S.01I||Fiscal Note:||2866-01|
|Committee:||Ways and Means|
|Last Action:||03/19/02 - Hearing Conducted S Ways & Means Committee||Journal page:|
SB 780 This act exempts retail sales of food from state and local sales taxes. The act also reduces the amount allowed for an individual taxpayer's state income tax deduction from $5,000 to $3,300 for individual filers, and from $10,000 to $6,600 for combined returns. The act directs that the amount of state revenue generated from the reduction in the deductions is to be used by the state to reimburse counties and local political subdivisions for the loss in sales tax revenues on sales of food.
This act has a referendum clause.
This act is similar to SB 103 (2001).