The proposed law provides that if the 3% rates would not produce enough revenues to satisfy any lawful pledge of sales and use tax revenues in connection with any bond, note, or other contractual obligation, then the rates would instead be reduced to the lowest level allowed by law.
The proposed law would not affect the collection of moneys due the Commonwealth for sales, storage, use or other consumption of tangible personal property or services occurring before January 1, 2011.
The proposed law states that if any of its parts were declared invalid, the other parts would stay in effect.
A YES VOTE would reduce the state sales and use tax rates to 3%.
A NO VOTE would make no change in the state sales and use tax rates.
Do you approve of a law summarized below, on which no vote was taken by the Senate or the House of Representatives before May 4, 2010?