Bill > S1672

This bill proposes the following key provisions: 1. Establishing a "sales tax holiday" on a designated two-day weekend within the second week of August each year, during which no sales tax will be collected on most retail sales of tangible personal property (excluding certain items like telecommunications, tobacco, motor vehicles, and meals over $2,500). 2. Reducing the state sales tax rate from 6.25% to 5% for both the sales tax on retail transactions (Chapter 64H) and the use tax on purchases made outside the state (Chapter 64I). 3. Modifying the rounding formula used for collecting sales and use taxes to simplify the calculations. The bill aims to provide temporary sales tax relief for consumers and potentially stimulate retail activity during the designated tax-free weekend, while also permanently lowering the overall state sales and use tax rates.

Budget and Finance

https://malegislature.gov/Bills/190/S1672