May 6, 2008
The Food & Business Tax Fairness Campaign
The Food & Business Tax Fairness Act will help us make progress on both fronts... fairness and adequacy. As drafted, the bill will:
- Close a series of corporate tax loopholes, adding fairness to our business taxes, by adopting combined reporting as 22 other states representing over half the US economy already use.
- Reduce the state food tax from 5.5% to 4.5% (local governments can add up to 2.75% to the state rate), building on last year's victory.
- Use the revenue remaining, estimated to be between $20 million and $150 million after the food tax cut is paid for, to help ease the current budget shortfall.