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IN HB1192
Bill
Status
1/7/2016
Primary Sponsor
John Price
Click for details
AI Summary
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Authorizes the city of Greenwood to adopt a municipal excise tax on food and beverages prepared or served for consumption at a merchant's location, up to a maximum rate of 1% of gross retail income.
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Requires the city fiscal body to hold at least one separate public hearing with the proposed tax as the only substantive agenda item before adopting an ordinance.
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Tax applies to transactions including food served off-premises, heated food, mixed food ingredients, and food sold with eating utensils, but excludes items exempt from state gross retail tax.
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Tax revenue must be deposited in a food and beverage tax receipts fund and may be used for property tax reduction, economic development, public safety, parks and recreation, or pledged for bonds and obligations.
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General Assembly covenants not to repeal or amend the chapter in a manner that adversely affects tax collection if any pledged obligations remain outstanding.
Legislative Description
Greenwood food and beverage tax. Authorizes the city of Greenwood to adopt a municipal food and beverage tax. Provides that the tax rate may not exceed 1%. Specifies the uses to which receipts from the food and beverage tax may be applied.
Last Action
First reading: referred to Committee on Ways and Means
1/7/2016