Bill > SB0981

This bill amends the General Sales Tax Act to create a new exemption for the trade-in value of personal electronics when purchasing a new or used portable electronic device. Specifically, it adds a provision to the definition of "sales price," which is the total amount for which tangible personal property is sold, to include a credit for the agreed-upon value of a used portable electronic device traded in towards the purchase of another portable electronic device. This credit must be separately stated on the invoice or bill of sale. The bill also clarifies the definition of "portable electronic device" as any portable electronic device, including its accessories.