This bill amends Idaho's sales and use tax laws by introducing a new section, 63-3622H, which establishes a sales and use tax exemption for food sold for human consumption, aligning the definition of "food" with the federal standard as outlined in 7 U.S.C. 2012, effective January 1, 2025. The exemption specifically applies to food products eligible for purchase with federal supplemental nutrition assistance program benefits, while explicitly excluding restaurant sales, heated food, mixed food ingredients sold together, and food sold with eating utensils provided by the seller.

Additionally, the bill revises Section 63-3638 to increase the percentage of sales tax revenue allocated to the revenue-sharing account from 11.5% to 13.2%, enhancing funding for local governments based on population and previous fiscal year distributions. It also establishes new financial allocations for various funds starting in fiscal year 2024, including appropriations for homeowner property tax relief, transportation expansion, public school funding, and school modernization. The bill mandates quarterly transfers by the state tax commission and declares an emergency, with different effective dates for its provisions.

Statutes affected:
Bill Text: 63-3638