Beginning 1/1/2027, establishes a yearly reduction in the general excise tax rate on groceries and nonprescription drugs on a tiered schedule, until 1/1/2034 and thereafter, when a full general excise tax exemption applies. Beginning 1/1/2028, provides a general excise tax exemption on the wholesale sale of groceries and nonprescription drugs. Beginning 1/1/2027, prohibits the counties from imposing a county surcharge on groceries and nonprescription drugs.