ETF Rolling Reserve Act Summary

Sales Tax on Food After Act 2023-554 "Food defined in the state sales and use tax statutes as it is defined for Supplemental Nutrition Assistance Program (SNAP) ■Separate state tax rate for food established at 4%, reduced to 3% on September 1, 2023 ■Tax rate could be further reduced to 2% on September 1, 2024, if average estimated growth in total net receipts to the Education Trust Fund for fiscal year 2025 certified by Director of Finance and Legislative Fiscal Officer is at least 3.5% higher than previous year "If growth requirement is not satisfied for fiscal year 2025, the rate will be reduced in a subsequent fiscal year when growth requirement is satisfied 38

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