Wonderful news for Alabama residents that their grocery tax will finally be cut in half soon as per the legislation of Senator Andrew Jones, after decades of trying.
As inflation continues to take a toll on food prices, the sponsor of the senate version Sen. Andrew Jones said that the people are struggling to put food on their tables and have made a new bill that would be of great help to Alabamians wherein there would be a 0.5% decrease in the state portion of grocery taxes per year over time from 4% to 2%.
As per the new legislation, the 4% of the state’s sales tax on food would gradually be cut in half by September 1, 2024, provided that there will be enough revenue growth to offset the loss if the Education Trust Fund tax collections are expected to rise at least 3.5%.
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The legislation now heads to the office of Governor Kay Ivey, who will review it when she receives it, according to the Herald-Standard.
According to the Consumer Price Index (CPI), inflation particularly hit the prices of groceries, making the food index remain unchanged, while there was a fall of 0.2% in the food at home index in April. Amid the good news for the residents of Alabama, there has still been a whopping 7.1% increase in prices over the last 12 months, according to Yahoo Finance.
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