HB4688 Summary

• Exempts food for human consumption to be consumed off premises from Use Tax, Service Use Tax, Service Occupation Tax, and Retailers' Occupation Tax, effective July 1, 2024 (excludes alcoholic beverages, adult use cannabis, soft drinks, and food prepared for immediate consumption).

• Caps the motor fuel prepayment tax rate at $0.18 per gallon for motor fuel, beginning 30 days after the bill's effective date, with gasohol and biodiesel blends capped at 80% of that rate.

• Limits tax rates on motor fuel, gasohol, majority blended ethanol fuel, and biodiesel blends to not exceed the prepayment rate established by the Department of Revenue.

• Requires the Department of Revenue to provide at least 20 days' notice before implementing the motor fuel rate cap change.