Investor Presentaiton

Introduction In the 2013 Session, the General Assembly considered two bills that proposed the broad repeal of the state's sales and use tax and the local meal and beverage tax State sales tax rate: 7.0 percent - - • ● Applies to most tangible property (64 exemptions) Some services (ex., telecommunications, pet grooming) - Local meal and beverage tax rate: 1.0 percent . Applies to the consumption of prepared foods and beverages In lieu of repealing the state sales and use tax, the General Assembly created the Joint Legislative Commission to Study the Sales Tax Repeal Act of 2013 September 23, 2014 2014 Revenue Estimation and Tax Research Conference 3

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