MS HB469

Reduces sales tax rate from 7% to 3.5% on retail food purchases that would qualify for food stamp exemption if purchased with federal food stamps, effective July 1, 2012.

Increases the percentage of sales tax revenue from food sales within municipalities distributed to municipalities from 18.5% to 37%, effective August 15, 2012.

Maintains the existing 18.5% municipal distribution rate for all other sales tax revenue collected within municipalities.

Applies the new food tax rate and municipal distribution only to food for human consumption not purchased with food stamps but meeting federal food stamp eligibility standards.