Bill > H2634

This bill establishes a sales tax holiday for the weekend of August 15 and 16, 2015, during which an excise, or sales tax, will not be imposed on most retail sales of tangible personal property, which refers to physical goods. This exemption does not apply to telecommunications, tobacco, gas, steam, electricity, motor vehicles, motorboats, meals, or any single item costing more than $2,500. Vendors are not required to collect or pay sales tax on eligible items sold during this period, and any tax erroneously collected must be returned to the department of revenue. Reporting requirements for vendors remain in place, and the commissioner of revenue will report the amount of sales tax forgone and any new revenue generated by December 31, 2015. The commissioner is also authorized to issue necessary instructions and regulations to implement this act, and the sales tax holiday applies only to transactions where possession is transferred or full payment is made on August 15 or 16, 2015, excluding prior sales or layaway purchases.