Bill > H2550

This bill establishes a sales tax holiday for the weekend of August 15 and 16, 2015, meaning that an excise, or tax, will not be imposed on most retail sales of tangible personal property, which refers to physical goods. This exemption does not apply to certain items like telecommunications, tobacco, gas, electricity, motor vehicles, motorboats, meals, or any single item costing more than $2,500. Vendors are also prohibited from collecting this tax during the holiday period, and any tax erroneously collected must be returned to the department of revenue. While reporting requirements for vendors remain in place, the commissioner of revenue is tasked with certifying the amount of sales tax forgone and reporting on the financial impact of this holiday by December 31, 2015, and will also issue necessary regulations to implement the act. The bill specifies that for a sale to be eligible, both the transfer of possession and full payment must occur on August 15 or 16, 2015, excluding prior sales or layaway arrangements.