Repeals the statutory provisions imposing a sales tax on food and authorizes a new estate tax to offset lost revenue

This bill repeals the existing one percent state sales tax on food effective January 1, 2025, while exempting local sales taxes from this change. The new law defines "food" strictly as items eligible for federal nutrition assistance programs, excluding most prepared foods sold by restaurants and cafeterias. To replace the revenue lost from eliminating the food tax, the bill authorizes a new state estate tax on estates valued at twenty-five thousand dollars or more. The rate for this new estate tax will be set by the Department of Revenue to generate an amount of money equal to what the previous food tax would have collected, with all funds directed to the school district trust fund.