Bill > A02754

This bill amends the tax law to exempt gift certificates, electronic gift cards, and magnetic gift cards from sales and use taxes. It defines "gift certificate" as a writing identified as such by the issuer, which can be used in lieu of cash to purchase goods or services, and includes electronic or magnetic cards with a stored dollar value. The bill also defines "electronic gift card" and "magnetic gift card" as cards with a stored dollar value that can be redeemed for goods or services. The act takes effect on the first day of the next quarterly sales tax period following 30 days after it becomes law, allowing the Commissioner of Taxation and Finance to take necessary actions for its implementation.