Cutting Sales Tax on TN Groceries by Taxing Bottled Sugary Beverages: HB0537

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HB 537 - SB 521
TENNESSEE GENERAL ASSEMBLY
FISCAL REVIEW COMMITTEE
FISCAL NOTE
http://www.capitol.tn.gov/Bills/107/Fiscal/HB0537.pdf

HB 537 - SB 521 February 24, 2011
SUMMARY OF BILL: Creates a privilege tax equal to one-cent per fluid ounce levied on bottled soft drinks sold in Tennessee that contain sugar or caloric sweeteners. Reduces the state sales tax rate on food and food ingredients from 5.5 percent to 4.5 percent.

ESTIMATED FISCAL IMPACT:
Increase State Revenue – Net Impact - $8,888,300
Decrease Local Revenue – Net Impact - $3,015,300

Bill Information for HB0537
*HB 0537 by *Stewart , Gilmore, Sontany ( SB 0521 by *Marrero )
http://wapp.capitol.tn.gov/apps/BillInfo/Default.aspx?BillNumber=HB0537&ga=107
Taxes, Privilege - As introduced, imposes a one-cent per ounce privilege tax on bottled soft drinks containing sugar; reduces from 5.5% to 4.5% the retail sales tax rate on food, which includes soft drinks. - Amends TCA Title 67, Chapter 6, Part 2 and Title 67, Chapter 4.

The New England Journal of Medicine
The Public Health and Economic Benefits of Taxing Sugar-Sweetened Beverages
http://www.nejm.org/doi/pdf/10.1056/NEJMhpr0905723